VANCOUVER, British Columbia, Nov. 03, 2023 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. (the "Company" or "CLC" or "Christina Lake Cannabis") (CSE:CLC) (OTCQB:CLCFF) (FRANKFURT: CLB) further to the press releases dated September 7th, 12th, and 25th 2023, the Company is pleased to announce that it has closed the third tranche and final (the "third Tranche") of a non-brokered private placement of secured convertible promissory notes (the "Notes") in the principal amount of CDN$294,000 (the "Offering").
All securities issued pursuant to the Offering are subject to a statutory four-month and one day hold period from the date of issuance pursuant to applicable securities laws of Canada.
Proceeds from the Offering will be used for repayment of outstanding debentures, working capital and general corporate purposes.
The third tranche concludes the Company's non-brokered private placement of Notes with total gross proceeds under all three tranches being an aggregate of $4,238,000.
MI 61-101 Disclosure
Certain insiders of the Company participated in the third tranche of the Offering for an aggregate total of $298,000 in Notes. The participation by such insiders is considered a "related-party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as no securities of the Company are listed or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock Market, or a stock exchange outside of Canada and neither the fair market value of the Notes to be acquired by the participating directors and officers ...