Rubicon Organics Inc V.ROMJ

Rubicon Organics Secures Loan Financing...

[zack50]

08 Jul 202106:00 ET

GlobeNewswire

Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) ("Rubicon Organics" or the "Company"), a licensed producer focused on cultivating and selling organic certified and premium cannabis, is pleased to announce that it has issued an US$8 million principal amount secured debenture (the "Debenture") to Green Island Investments Ltd. (the "Financier") in connection with a debt financing transaction. The Debenture has a two-year term and bears interest at 6.5% annually. In connection with the transaction, the Company issued 907,000 bonus warrants to the Financier. Each warrant entitles the Financier to purchase one common share in the capital of the Company at an exercise price of $4.00 per common share for a period of three-years from the date of issuance.

"We value the flexibility that cash provides, especially now as we are rolling out our innovation pipeline following a good, better, best strategy which now includes our premium flower and hash brand 1964 Supply Co(TM). Rubicon Organics continues to have a great deal of success securing orders for its product innovations and we remain in a very strong financial position as our product SKUs include new categories and we increase our territorial coverage across Canada," said Jesse McConnell, Chief Executive Officer.