The Vancouver-based company said it will focus efforts on the establishment and expansion of its Portuguese and European operations
Inc () announced Wednesday it has struck loan agreements to provide it with up to $2,356,000 in financing as the cannabis producer responds to the coronavirus (COVID19) pandemic.
The company said the loan agreements with various arms-length parties will be used for general working capital purposes. The loan is repayable within 18 months and bears an interest rate of 12% per annum, Also, the company has agreed to issue to the lenders' common shares equal in value to 20% at a price of $0.50 apiece.
In a statement, EXMceuticals said: “Our operation has moved quickly to protect our staff and make sure their families are safe. We have also taken several proactive measures to preserve and maximize working capital while keeping operations as active as possible by having our teams work from home. We are committed to managing working capital and will adjust our plans as necessary.”
READ: EXMceuticals in the final stages of planning for an industrial-scale cannabis extraction facility in Portugal
The Vancouver-based company said its board has agreed to focus company efforts on the further establishment and expansion of its Portuguese and European operations, namely the planned refinery south of Lisbon.