JUVAF - Juva Life gets $11.8M debt financing for California facility research programs

Juva Life (OTCQB:JUVAF) said it closed a debt financing of $11.8M to acquire a California facility and further its clinical research on its two novel compounds. The company said the non-dilutive financing, which was closed on June 15, was facilitated by commercial real estate loan provider Pelorus Equity Group. Juva added that the main purpose of the funding was to get capital to complete the acquisition of its Stockton, Calif.-based cultivation facility, which was appraised at a value of over $17M, for a purchase price of $4M. The company noted that it plans to use the funds to further its research and development programs on Juva-019 and Juva-041, aimed at treating inflammation. Juva said the financing is secured by its assets, including the real estate in Stockton. It also includes the issuance of 2.5M warrants, each convertible into one common share, exercisable at C$0.18 per share for three years post loan maturity.

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Juva Life gets $11.8M debt financing for California facility, research programs