Rubicon Organics secures loan financing
VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) – Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (âRubicon Organicsâ or the âCompanyâ), a licensed producer focused on culture and sale of premium, certified organic cannabis products, is pleased to announce that it has issued a guaranteed debenture in the principal amount of US $ 8 million (the âDebentureâ) to Green Island Investments Ltd. The debenture has a term of two years and bears interest at the rate of 6.5% per annum. As part of the transaction, the Company issued 907,000 bonus warrants to the Financier. Each warrant allows 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 issue.
âWe appreciate the flexibility that money offers, especially now that we are rolling out our innovation pipeline following a good, better and better strategy which now includes our premium 1964 Supply Co â¢ flower and hash brand. Rubicon Organics continues to be very successful in securing orders for its product innovations and we remain in a very strong financial position as our product SKUs include new categories and we are increasing our territorial coverage across Canada, âsaid Jesse McConnell, Chief Executive Officer.
ABOUT RUBICON ORGANIQUE INC.
Rubicon Organics Inc. becomes the world’s leading brand of organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the company grows, processes and sells premium, certified organic, sustainably produced cannabis products from its state-of-the-art hybrid greenhouse. technology located in Delta, British Columbia, Canada. Rubicon Organics is focused on achieving industry-leading profitability by focusing on innovation and the development of cannabis 2.0 brands and products, including its flagship super premium brand Simply Bare.MT Bio, its brand of super premium LAB THEORY concentratesMT, and its premium flower and hash brand 1964 Supply Co. MT.
Telephone: +1 (437) 929-1964
Email: [email protected]
The TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the adequacy or accuracy of this press release.
Caution regarding forward-looking information
This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, programs, forecasts, projections, goals, assumptions, expectations or beliefs regarding future performance, and statements such as the Company’s belief that it will become the leading global brand for organic cannabis products, and the Company’s intention to achieve industry-leading profitability are “Forward-looking statements”. Forward-looking information may be identified by the use of words such as âwillâ or variations of such words or statements that certain actions, events or results âwillâ be taken, occur or be achieved. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to differ materially from future results, events or developments expressed or implied by such forward-looking statements. The forward-looking information contained in this press release is based on certain assumptions that management considers reasonable under the circumstances, in particular that its capital requirements will be as currently projected. The risks and uncertainties associated with forward-looking information contained in this press release include, among other things, information or statements regarding the Company’s expectations regarding the financial resources available to finance operations; Rubicon Organics’ limited operating history and lack of historical earnings; obtain the necessary regulatory approvals; that regulatory requirements will be maintained; general commercial and economic conditions; the Company’s ability to successfully execute its plans and intentions; the Company’s ability to obtain financing on reasonable terms through the sale of equity and / or debt commitments; the Company’s ability to attract and retain qualified personnel; competition in the market; the products and technologies offered by the Company’s competitors; that our current relationships with our suppliers, service providers and other third parties will be maintained; and the impact of the current global health crisis caused by the COVID-19 pandemic. These factors should be carefully considered and readers are cautioned not to place undue reliance on these forward-looking statements. Although Rubicon Organics has attempted to identify significant risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results differ from those anticipated, estimated or predicted. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason, except as required by law.