Article by TG Branfalt Jr, Ganjapreneur
Cannabis oil and solution provider Golden Leaf Holdings has raised nearly $9 million during the third tranche of non-brokered private placement of convertible senior secured debentures, the company announced in a press release. As of Nov. 2, nearly $3 million in principle amounts of debentures were issued at a price per debenture of $743.70.
The debentures carry a holder’s option to convert into common shares at .22 cents per common share after they mature 18 months from the date of issuance and carry an interest rate of 10 percent annually.
The company plans on using the proceeds from the offering for working capital.
Golden Leaf retained AlphaNorth Asset Management as its financial advisor in connection with the offering. The deal with AlphaNorth will see the firm paid 8 percent of the gross proceeds from the offering.