VANCOUVER, British Columbia, March 16, 2022 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) is pleased to announce that it has appointed Jay McMillan, an accomplished corporate development and M&A specialist (“Mergers & Acquisitions”) executive with a strong sense of product development, to its Board of Directors.
“We are delighted to welcome Jay McMillan to the CLC Board of Directors,” said Joel Dumaresq, President, CEO and Director of Christina Lake Cannabis. “Jay’s deep industry experience will be invaluable to CLC as we grow our business and pursue our mission. On behalf of the company, I’d like to welcome Jay to the team – we couldn’t be happier to have him on board.
Drawing on 25 years of experience in international markets, Mr. McMillan has extensive experience in developing new markets and strategic engagements with Fortune 500 organizations in the area of consumer packaged goods (“GIC“), technology and consumer electronics spaces. Mr. McMillan’s most recent role was as Director of Development at HEXO Corp. (“HEXO”), a major Canadian licensed producer of cannabis, where he played a pivotal role during the 2010s and 2020s in growing HEXO into the country’s top licensed producer by market share. At HEXO, Mr. McMillan identified strategic business development opportunities through mergers and acquisitions, joint ventures and key partnerships. In addition, Mr. McMillan was responsible for research and development (“R&D”), innovation and commercialization. Mr. McMillan continues to participate in the expansion of the cannabis market as Director of UberGreen; a cannabis advisory firm focused on growth strategies, business model innovation, market consolidation and product development.
“I have been impressed with both the knowledge of the Christina Lake Cannabis team and the great products they have created. I look forward to utilizing my experience and governance along with several other facets of the cannabis industry with CLC,” said Jay McMillan.
The Company announces that it has issued a total of 200,000 restricted stock units (“RSUs”) and 675,000 stock options (“Options”) to directors and employees of the Company pursuant to the stock option and Company PSUs. 300,000 options were granted with an exercise price of $0.20 and 375,000 options were granted with an exercise price of $0.25. Each option will entitle its holder to purchase one additional common share of the Company for a period of 5 years from the date of the grant, at its respective exercise price. Options are subject to various vesting restrictions. The RSUs will vest at various agreed stages and will entitle the holder to acquire one common share of the Company underlying each such RSU by delivering a vesting notice to the Company in accordance with the RSU Plan. PSUs were priced at $0.20 based on the closing price of common shares on the Canadian Securities Exchange on March 15, 2022.
In addition, CLC hereby announces that it has amended the terms of the following unsecured convertible debentures (the “Convertible debentures”):
- 358 convertible debentures issued on March 13, 2020 with a principal amount of $1,790,000;
- 158 convertible debentures issued on March 23, 2020 with a principal amount of $790,000;
- 20 convertible debentures issued on April 7, 2020 with a principal amount of $100,000
- 5 convertible debentures issued on May 14, 2020 with a principal amount of $25,000;
- 50 convertible debentures issued on May 25, 2020 with a principal amount of $250,000; and
- 38.5 Convertible debentures issued on August 20, 2020 with a principal amount of $192,500.
The convertible debentures mature twenty-four (24) months from the date of issue and bear interest at the rate of 12% per annum. Under the amended terms, the convertible debentures will henceforth mature forty-two (42) months from the date of issue and the holder of the debenture will have the option to convert the unpaid and accrued interest into conversion shares at the price of $0.20 and, regardless of the date of conversion, such holder will receive interest payable on the Conversion Shares equal to the amount of unpaid interest for the period from the date of issue (or the date of last interest payment, if later) up to and including the due date, on a disproportionate basis. All other terms of the convertible debentures remain unchanged. The aggregate principal amount outstanding under the convertible debentures is $3,147,500.
Convertible Debentures that have not been extended will remain subject to the original terms from their issuance.
The modification of the convertible debenture will allow the Company to preserve its capital for operating activities.
The Company also wishes to announce that all motions that were presented at the special meeting of Class B Preferred Shareholders held on March 11, 2022 have been passed.
ABOUT CHRISTINA LAKE CANNABIS CORP.
Christina Lake Cannabis is a licensed cannabis producer under the Cannabis Act. It has obtained a standard cultivation license and a corresponding processing modification from Health Canada (March 2020 and August 2020, respectively) as well as a research and development license (early 2020). The Christina Lake Cannabis facility consists of a 32-acre property, which includes over 950,000 square feet of outdoor grow space, offices, propagation and drying rooms, research facilities, and a dedicated cultivation facility. processing and extraction. Christina Lake Cannabis also has 99 acres of land adjoining its main 32-acre site, allowing for future expansion. Christina Lake Cannabis grows cannabis using strains specially developed for outdoor cultivation and in its second harvest season produced over 38,000 kg (83,776 lb) of dried biomass. For more information, please visit www.christinalakecannabis.com and www.sedar.com (CLC.CN).
On behalf of Christina Lake Cannabis Corp. :
Joël Dumaresq, CEO and administrator
For more information please contact:
Investor Relations and Media Inquiries
(e) [email protected]
THE CANADIAN SECURITY EXCHANGE (CSE) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR ACCEPTS
CSE REGULATORY SERVICE PROVIDER.
Forward-Looking Information: This press release contains certain statements that may be considered “forward-looking statements”. Use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which forward-looking statements are based are reasonable, undue reliance should not be placed on forward-looking statements as the Company cannot guarantee that they will prove to be accurate. Because forward-looking statements address future events and conditions, they, by their very nature, involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including various risk factors discussed in the Company’s disclosure materials which can be found under the Company’s profile on http://www.sedar.com.
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Information about investor relations firms retained by Christina Lake Cannabis Corp. can be found under the company profile on http://sedar.com.