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Rubicon Organics Announces Additional Debt Financing and Grant of Stock Options


By Stoned Writers

Rubicon Organics announces that it has entered into a subordinated secured loan agreement pursuant to which it is entitled to borrow $5,000,000 from an overseas fund. Together with other debt financing announced in 2019, Rubicon Organics has secured a total of $14,355,000 in mortgage debt financing to fund ongoing operations.

"We are very pleased to complete this third tranche of a broader financing package," said Jesse McConnell, Founder and Chief Executive Officer. "This funding will enable us to build out Rubicon's Delta facility in order to execute on our business plan of cultivating and developing super-premium, certified organic cannabis products and brands in the Canadian market."

The Loan is for a term of 24 months and bears interest at a rate of 12% per annum and has no interest or principal payments for 24 months from issuance. In connection with the Loan, the Company issued the Fund one million common share purchase warrants ("Warrants"). Each Warrant entitles the Fund to acquire one common share of the Company (a "Common Share") at an exercise price of $4.50 per Common Share until May 28, 2022.

The Loan will be used to facilitate operations at the Company's state-of-the art 125,000 square-foot licensed facility in Delta, BC and for working capital and other general corporate purposes.

Grant of Stock Options

The Company has granted stock options for a total of 413,250 common shares to employees and consultants of the Company in accordance with the Company's equity incentive plan. The stock options are exercisable at $3.25 per share for a period of five years from the date of grant.

   

For Illustrative Purposes Only.








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