thedave2006 wrote:
Friday Night to acquire land at Nevada pot facility
2018-01-02 08:54 ET - News Release
Mr. John Goss reports
FRIDAY NIGHT INC. ENTERS LAND PURCHASE AGREEMENT TO FURTHER EXPAND NEVADA OPERATIONS AND RAISES 5 MILLION THROUGH WARRANT EXERCISE
Friday Night Inc. has entered into a land purchase agreement to acquire an additional 2.78 acres of land connected to the location that will host Alternative Medicine Association's new cultivation facility.
John Goss, president of the company's wholly owned subsidiary in Nevada, FN Management Services, completed the negotiations to acquire 2.78 acres of raw land directly connected to the company's planned new cultivation site in Las Vegas, Nev. Mr. Goss commented: "This will allow Friday Night to expand its cultivation centre in phases and can accommodate an additional 150,000 square feet of cultivation space as more supply is needed in the rapidly expanding Las Vegas market. It would also allow us to expand our existing production and extraction facilities if desired. This is a great investment in our future in this market."
The purchase price for the 2.78 acres of land in unincorporated Clark county is for $834,000 (U.S.). All documents have been signed and the escrow has been opened with a $25,000 (U.S.) earnest money deposit. The terms provide for a closing within 85 days or sooner.
The company also announces that approximately $5-million has been raised over the last two months through the exercise of existing warrants, most of which were exercisable at 30 cents per share. The company estimates that there is another $4-million in funds that will potentially come in on additional exercises. Holders of approximately $2-million of the total $5-million in debentures have chosen to convert their principal into shares at a rate of 25 cents per share. The company notes that it is in a position to accelerate the expiry date and force conversion of the remaining warrants and debentures, but if the current rate of exercises continues, it does not anticipate having to do so.