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True Leaf Medicine raises $4.5M via funding from The Lind Partners

Proactive Investors Thursday, 14 February 2019
True Leaf Medicine International Ltd (CSE:MJ) (OTCQB:TRLFF), a cannabis and hemp company aimed at pets, has struck a funding agreement with The Lind Partners, a New York fund manager, that will raise gross proceeds of $4.5 million. The investment is in the form of convertible security with a maturity date of 24 months and a fixed conversion price per share of $0.40, the last closing price of the company’s common shares on the Canadian Securities Exchange prior to execution of the funding agreement. “This capital investment from The Lind Partners demonstrates that True Leaf is a recognized leader in today’s cannabis-for-pets sector and is testament to our strong and accelerating growth platform,” said Darcy Bomford, founder and CEO of True Leaf. “This investment will allow us to continue executing on our business plan, including expanding our unique pet product lines and scaling of our global distribution.” READ: Valens GroWorks boosts extraction capacity to 240,000 kilograms annually Phillip Valliere, managing director at The Lind Partners, was equally enthused about the investment. “True Leaf’s safe and effective hemp-based products for pets sets them apart from their competitors. We are excited to watch True Leaf grow,” Valliere said in a statement. The $5.4 million face value of the convertible security is comprised of a principal amount of $4.5 million and a pre-paid interest of $900,000. The company is required to repay the principal amount in 18 equal monthly payments, starting six months after the deal’s closing, with one caveat. The repayment amount will be reduced in any month, by any amount converted by Lind Partners into the company’s common shares. The investor will also receive 5.625 million warrants of the company, with each warrant entitling the investor to purchase one common share at an exercise price of $0.5089. The warrants expire 36 months from their date of issue in most cases. Under the funding agreement, True Leaf and Lind Partners may reach an agreement for Lind to advance up to an additional $6 million in gross proceeds in exchange for a second convertible security on the same terms as the first investment. Headquartered in Vernon, British Columbia, True Leaf is a cannabis and hemp wellness company geared at pets. The Lind Partners is a New York-based institutional fund manager focused on small and mid-cap companies and high-growth sectors such as mining, oil and gas, biotech and technology. Lind has completed over 70 direct investments, worth more than a combined $850 million. True Leaf shares slipped 3.75% to finish at C$0.39 on Wednesday. Contact Ellen Kelleher at

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