Varie
MYM Closes $5.5 Million Financing With Trichome Financial Corp.
MYM currently has three CBD-rich hemp cultivation and extraction projects, two medical cannabis cultivation projects, and three CBD isolate distribution offices in Mexico , Australia , and the United Kingdom . Through 2020, the plan forecasts cultivating over 5 million pounds of CBD rich biomass that if converted into isolate, as per the plan, will produce 108,800 kilograms of CBD isolate. Visit mym.ca for more details on the 2019 Strategic Plan.
"We have been thoroughly impressed with the level of expertise and sophistication that MYM's new senior leadership team has displayed as they execute a pivot towards becoming leaders in all aspects of CBD-rich hemp" said Michael Ruscetta , CEO of Trichome. "This transaction is another example of Trichome providing flexible and timely capital fully secured against all the assets and licenses of MYM, which we expect will deliver extremely attractive returns".
The Trichome financing ("Trichome Financing") is in the form of a senior secured term loan of up to $5.5 million with an interest a rate of 12% per annum and which matures in 12 months following closing, with an option to extend for another 6 months. The Trichome Financing will consist of two tranches, one for $3.0 million advanced at the time of closing and one for $2.5 million currently expected to be advanced within a few months. In connection with the Trichome Financing, MYM has released 4,000,000 warrants and will release an additional 1,000,000 warrants upon closing of the second tranche. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.30 for a period of three years from the date of issue. In connection with the Trichome Financing, the Company has provided Trichome with security against all of its assets and licenses.
Howard Steinberg , CEO and Director of MYM, is also a director of Trichome and as such has recused himself from Trichome's board on this matter.
Trichome is a specialty finance company focused on providing flexible and creative capital solutions to the global legal cannabis market. Trichome was created to address the lack of credit availability in the large, growing and increasingly complex cannabis market. Founded by industry leaders Origin House and Stoic Advisory, Trichome's experienced management team has a unique edge to capitalize on proprietary deal flow and industry insight while developing a first mover advantage as a global cannabis-focused specialty finance company. Trichome provides customized financing solutions across the industry value chain to support growth, capital expenditures, mergers, acquisitions, working capital and other needs. Leveraging the combined resources and knowledge of its founders, it is able to offer significant value-added financial, product, market and operational support to its partner companies. Trichome's current assets are all based in Canada and it has no operations or assets in the United States . For more information, please visit www.trichomefinancial.com or @trichomefinance on Twitter.
MYM Nutraceuticals Inc. is an innovative company focused on the global growth of Cannabis and CBD-rich hemp. To ensure a strong presence and growth potential within the industry, MYM is actively looking to acquire complementary businesses and assets in the technology, nutraceuticals and CBD sectors. MYM shares trade in Canada , Germany and the USA under the following symbols: (CSE:MYM) (OTC:MYMMF) (FRA:0MY) (DEU:0MY) (MUN:0MY) (STU:0MY).
ON BEHALF OF THE BOARD
Howard Steinberg , CEO
MYM Nutraceuticals Inc.
www.mym.ca
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Investor Relations
Billy Casselman
+1-778-522-2261
investors@mym.ca