Latteno Food Corp. (OTC Pink: LATF) today announced that it has received an offer from a privately-held Vietnam-based hedge fund group for $1,000,000 in funding commitment.
The initial funding commitment of $250,000, available immediately upon signing, will be in convertible debt to be payable in 10 years at a fixed 5% APR with no prepayment penalty. The remaining $750,000 will be funded in 3 tranches starting in 30 days upon the date of signing.
Latteno will receive net proceeds of approximately $900,000 from the private placement, after paying placement agent fees, which will be used to fund the Company's growth initiatives and for working capital purposes.
The shares offered in the private placement have not been registered under the Securities Act of 1933 or applicable securities laws of any state or jurisdiction. Accordingly, the shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable securities laws of any state or jurisdiction.
Thu Le, Chief Executive Officer of Latteno, commented, "This infusion of capital will allow us to implement our growth initiatives, fund our products research/development and capture greater market share as demand for our expanding portfolio of MMJ products and services increase. It came in at a perfect timing since we have pending LOIs along distributorship/partnership agreements to sign from a couple pending JVs and mergers."
About Latteno Food Corp. (Latteno.com)
Latteno Food Corp. is an investment portfolio company that acquires food products, medical marijuana edibles and related products/services to enhance their growth and development. The company builds revenues and asset value through a model of continuous growth, income from or sale of its portfolio holdings, and product licensing or distribution agreements.
About Green Cannabis Collective Inc. (Green-Cannabis.com)
Southern California-owned and licensed medical marijuana dispensary and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 - 11362.83).
About Valley Organics Inc. (ValleyOrganics.org)
Southern California-owned and licensed medical marijuana co-op and transporting. The specific purpose of this corporation is to collectively facilitate medical marijuana cultivation and transactions by and between qualified patient members of this corporation and/or primary caregiver members who have the oral or written approval or recommendation of a licensed physician, as permitted and authorized by the Compassionate Use Act of 1996 (Health and Safety Code section 11362.5) and the Medical Marijuana Program Act (Health and Safety Code sections 11362.7 - 11362.83).
About Mekonza Corp. (Mekonza-corp.com)
Headquartered in Southern California since 2006, Global Trading Group (GTG) started out as a luxury/exotic car exporter and eventually branched out into seafood importing which came about Mekonza Seafood. The variety of seafood products we offer has allowed us to be an innovator in product development. The diversity of our products allows us to be the next force-to-be-reckon-with in the seafood industry. Mekonza has grown from a small one-man operation to one of the West Coast's most innovative and well-equipped seafood importing and processing companies. With outstanding customer service as our secret sauce and key ingredient, we're on our way to be the industry's leader committed to achieve the highest possible standards in quality, service to our clients, suppliers and investors.
