(TheNewswire)
VANCOUVER – TheNewswire - February 24, 2021 – CANNAMERICA BRANDS CORP. ("CannAmerica Brands" or the"Company") (CSE:CANA) (CNSX:CANA.CN) (OTC:CNNXF) is pleased to announce that theCompany has entered into an Acknowledgement and Agreement (the“ Agreement ”) with SBI Investments, LLC, 2014-01 (“ SBI ”) to repaycertain amounts outstanding under the Company’s unsecured debenture(“ Debenture ”).
Further to the Company’s press release datedSeptember 4, 2019 providing the original terms of the Debenture,CannAmerica Brands and SBI hereby have agreed to the following:
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- The Company agrees to repay SBI C$300,000 by theissuance of 4,411,765 common shares in the capital of the Company (the“ Common Shares ”) at a deemed price of C$0.068 per share;
- SBI agrees to reset the interest rate to 12% perannum;
- SBI agrees to the cancellation of the warrantcertificate issued under the Debenture in exchange for a new warrantcertificate in the amount of 4,411,765 share purchase warrants. Eachwarrant can be exercised for one Common Share at a price of at C$0.08per share for a period of five (5) years.
The issuance of the Common Shares as set out in theabove transaction is subject to the prior approval of the CanadianSecurities Exchange.
For a more complete business and financial profile ofthe Company, please view the Company's website at www.cannamericabrands.com and documents posted under the Company’sprofile on www.sedar.com .
For further information please contact the Company atinfo@cannamericabrands.com.
On Behalf of the Board,
Dan Anglin
CEO and Director
www.cannamericaco.com
www.cannamericabrands.com
1(844) 484-3996
About CannAmerica Brands Corp.
CannAmerica is a U.S. Marine Corps veteran founded andoperated portfolio of cannabis brands with licensing agreements in thestates of Colorado, Nevada, Oklahoma, Massachusetts and Canada. TheCompany aims to maximize the value of its brands by employing strongbrand management teams, marketing and licensing the brands throughvarious distribution channels, including dispensaries, wholesalers anddistributors, in the United States and internationally. The Company'score strategy is to enhance and monetize the global reach of itsexisting brands, and to pursue additional strategic acquisitions togrow the scope and diversity of its brand portfolio. For moreinformation, please visit www.cannamericabrands.com .
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Forward-LookingStatements
This news releasecontains "forward-looking information" within the meaning ofapplicable securities laws. All statements contained herein that arenot clearly historical in nature may constitute forward-lookinginformation. In some cases, forward-looking information can beidentified by words or phrases such as "may","will", "expect", "likely","should", "would", "plan","anticipate", "intend", "potential","proposed", "estimate", "believe" or thenegative of these terms, or other similar words, expressions andgrammatical variations thereof, or statements that certain events orconditions "may" or "will" happen, or bydiscussions of strategy.
Readers are cautionedto consider these and other factors, uncertainties and potentialevents carefully and not to put undue reliance on forward-lookinginformation. The forward-looking information contained herein is madeas of the date of this press release and is based on the beliefs,estimates, expectations and opinions of management on the date suchforward-looking information is made. The Company undertakes noobligation to update or revise any forward-looking information,whether as a result of new information, estimates or opinions, futureevents or results or otherwise or to explain any material differencebetween subsequent actual events and such forward-looking information,except as required by applicable law.
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