NetworkNewsBreaks – Redfund Capital Corp. (CSE:
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Posted On: 03/13/2019 4:24:04 PM
NetworkNewsBreaks – Redfund Capital Corp. (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) to Convert Loan to 5.55 Percent Equity Position in Mary’s Wellness Ltd.
Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) this morning announced its intention to convert, into an equity position, the first tranche of a convertible secured promissory note with Mary’s Wellness Ltd. (“MWL”). According to the update, Redfund was extended the first tranche of C$100,000 from a C$1,000,000 promissory note it entered into with MWL on October 15, 2018. Redfund will own 5.55 percent of MWL upon conversion of the first tranche, and the promissory note’s remaining C$900,000 convertible balance, secured by a general security agreement on assets of MWL, will remain in place to secure additional tranches. “Redfund believes Mary’s Wellness is primed to be one of the first infused tea companies to reach the global marketplace,” Redfund CEO Meris Kott stated in the news release. “Virginia Vidal is a charismatic brand ambassador and a wonderful advocate for the medical cannabis industry in Canada. She is actively working to align MWL with a strong Canadian licensed producer with an extensive distribution network to facilitate a successful entrance into the Canadian licensed market.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) this morning announced its intention to convert, into an equity position, the first tranche of a convertible secured promissory note with Mary’s Wellness Ltd. (“MWL”). According to the update, Redfund was extended the first tranche of C$100,000 from a C$1,000,000 promissory note it entered into with MWL on October 15, 2018. Redfund will own 5.55 percent of MWL upon conversion of the first tranche, and the promissory note’s remaining C$900,000 convertible balance, secured by a general security agreement on assets of MWL, will remain in place to secure additional tranches. “Redfund believes Mary’s Wellness is primed to be one of the first infused tea companies to reach the global marketplace,” Redfund CEO Meris Kott stated in the news release. “Virginia Vidal is a charismatic brand ambassador and a wonderful advocate for the medical cannabis industry in Canada. She is actively working to align MWL with a strong Canadian licensed producer with an extensive distribution network to facilitate a successful entrance into the Canadian licensed market.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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