NetworkNewsBreaks – City View Green Holdings Inc
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Posted On: 07/31/2019 4:25:10 PM
NetworkNewsBreaks – City View Green Holdings Inc. (CSE: CVGR) Closes Sale, Leaseback of Brantford Facility
City View Green Holdings (CSE: CVGR) on Tuesday announced the successful completion of the transfer of its option to purchase 49 Easton Road in Brantford to an arms-length financier who has now acquired the property. In exchange, CVGR and the new landlord have entered a five-year lease with a renewable term of five years. The landlord has agreed to finance all the necessary buildout and capital enhancements that are required for CVGR to obtain its Health Canada Licenses needed to turn the facility into a fully operational cannabis grow and extraction facility. Per the terms of the lease agreement, CVGR also holds the right of first refusal to purchase the property and building back if the new owner were to decide to sell. In connection with the new lease, CVGR has issued the new landlord 1,000,000 common share purchase warrants that are exercisable into one common share of the company at $0.18 each for a period of five years. In addition, CVGR announced the close of the previously announced debt settlement agreements. The company has issued 2,693,460 common shares in settlement of debt totaling $580,019. All securities are subject to a four month hold period in accordance with applicable securities laws. “City View Green is pleased to close this transaction which provides non-dilutive financing to complete the buildout of our facility located at 49 Easton Road, Brantford Ontario. This transaction will enable City View Green to complete the construction at the facility and obtain the applicable Health Canada Cannabis licensing to enter into full operations,” City View Green Holdings CEO Ian MacDonald stated in the news release.
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
City View Green Holdings (CSE: CVGR) on Tuesday announced the successful completion of the transfer of its option to purchase 49 Easton Road in Brantford to an arms-length financier who has now acquired the property. In exchange, CVGR and the new landlord have entered a five-year lease with a renewable term of five years. The landlord has agreed to finance all the necessary buildout and capital enhancements that are required for CVGR to obtain its Health Canada Licenses needed to turn the facility into a fully operational cannabis grow and extraction facility. Per the terms of the lease agreement, CVGR also holds the right of first refusal to purchase the property and building back if the new owner were to decide to sell. In connection with the new lease, CVGR has issued the new landlord 1,000,000 common share purchase warrants that are exercisable into one common share of the company at $0.18 each for a period of five years. In addition, CVGR announced the close of the previously announced debt settlement agreements. The company has issued 2,693,460 common shares in settlement of debt totaling $580,019. All securities are subject to a four month hold period in accordance with applicable securities laws. “City View Green is pleased to close this transaction which provides non-dilutive financing to complete the buildout of our facility located at 49 Easton Road, Brantford Ontario. This transaction will enable City View Green to complete the construction at the facility and obtain the applicable Health Canada Cannabis licensing to enter into full operations,” City View Green Holdings CEO Ian MacDonald stated in the news release.
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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