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Biome Grow Inc
> Biome Grow Announces Closing of $3 Million Debt Financing
Post by
carbon16 on Nov 25, 2019 8:24am
Biome Grow Announces Closing of $3 Million Debt Financing
Biome Grow Announces Closing of $3 Million Debt Financing Toronto, Ontario--(Newsfile Corp. - November 25, 2019) - Biome Grow Inc. (CSE: BIO) (FSE: 6OTA) (OTCQB: BIOIF) ("Biome" or the "Company") is pleased to announce that it has closed a $3 million non-revolving debt financing. The general terms are quarterly interest only payments at a rate of 10% during the 24-month term with principal repayment due at maturity. The proceeds, which were sourced by an Atlantic Canadian-based lender will primarily be used to support the company's growth in operations at the Highland Grow facility in Antigonish, Nova Scotia. As part of this transaction, the company will be issuing warrants exercisable for $1,500,000 worth of common shares of the Company at an exercise price of $0.28. These warrants expire four years from the closing date.
"The incoming capital will allow the business to increase the volumes processed at Highland Grow Inc. to meet the demand we are seeing for our high quality cannabis products" said CEO Khurram Malik.
Biome continues to grow its commercial footprint since beginning commercial sales of cannabis in January of 2019.
For further information, please contact:
Scott Cuthbertson
VP Investor Relations
scuthbertson@biomegrow.com
647-462-8797
PRESS RELEASE: https://www.newsfilecorp.com/release/50008/Biome-Grow-Announces-Closing-of-3-Million-Debt-Financing
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