Rubicon Organics Secures Loan Financing
VANCOUVER, British Columbia, July 08, 2021 (GLOBE NEWSWIRE) — 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™.
Jesse McConnell, Chief Executive Officer
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.
ABOUT RUBICON ORGANICS INC.
Rubicon Organics Inc. is becoming the global brand leader in organic cannabis products. Through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer, the Company cultivates, processes and sells organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art hybrid greenhouse located in Delta, BC, Canada. Rubicon Organics is focused on achieving industry leading profitability through a focus on innovation and the development of brands and cannabis 2.0 products, including its flagship super-premium brand Simply Bare™ Organic, its super-premium concentrate brand LAB THEORY™, and its premium flower and hash brand 1964 Supply Co. ™.
Original press release