07:44:05 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



James E Wagner Cultivation Corp
Symbol JWCA
Shares Issued 88,029,153
Close 2019-02-20 C$ 0.80
Market Cap C$ 70,423,322
Recent Sedar Documents

James E. Wagner signs $5M loan with Ball Construction

2019-02-21 08:54 ET - News Release

Mr. George Aizpurua reports

JAMES E. WAGNER CULTIVATION ANNOUNCES ADDITIONAL $5 MILLION LOAN AGREEMENT AND PROPOSED LOAN BONUS TO FUND CONSTRUCTION AT ITS SECOND FACILITY

James E. Wagner Cultivation Corp. has entered into a loan agreement dated Feb. 20, 2019, for an amount of $5-million, with Ball Construction Ltd. The company will use the loan to pay construction invoices issued by the lender in respect of services and materials provided for the rapid development efforts at the company's second facility, located at 530 Manitou Dr., Kitchener, Ont. The loan does not provide for any cash draws by the corporation.

The loan shall be for a term of 18 months and the outstanding principal amount and accrued interest thereon shall be paid in full on or before Aug. 31, 2020. The loan will bear interest at the prime commercial rate charged by HSBC Canada plus 0.5 per cent per annum, with monthly interest-only payments commencing after July 1, 2019. Any outstanding principal amount of the loan may be paid in whole or in part at any time by the company without prior notice or payment of any bonus to the lender. Pursuant to the loan agreement, after July 1, 2019, and prior to expiry of the term, the lender may demand repayment of the loan in full upon delivering notice to the corporation.

Advances under the loan will be used to set off invoices issued by the lender to the corporation for construction work conducted at the company's second facility. Each advance made to the company under the loan agreement may be represented by promissory notes issued by the corporation in favour of the lender. The loan is otherwise unsecured.

As consideration for providing the loan and pursuant to TSX Venture Exchange Policy 5.1 -- Loans, Loan Bonuses, Finder's Fees and Commissions, upon closing of the loan agreement the lender will receive 300,000 bonus warrants to purchase common shares of the company. Each bonus warrant will be exercisable into one common share of the company at an exercise price of 80 cents per share, being the trading price of the common shares of the company at market close on the last trading day preceding this announcement. The bonus warrants will be exercisable for a period of two years from the date of issuance. The issuance of the bonus warrants is subject to TSX-V approval.

Nathan Woodworth, president and chief executive officer of the company, said: "Ball Construction has been a vital supporter of JWC since we began construction of our pilot facility, and throughout subsequent processes at our full-scale facility. We have come to rely on their expertise in constructing world-class cannabis cultivation facilities, and this further show of support from Ball Construction will serve to enhance their involvement in JWC's success moving forward, while allowing JWC to further accelerate the addition of newly constructed cultivation spaces."

About James E. Wagner Cultivation Corp.

The company's wholly owned subsidiary is a licensed producer under the Cannabis Regulations, formerly the Access to Cannabis for Medical Purposes Regulations (ACMPR). It is a premium cannabis brand, focusing on producing clean, consistent cannabis. It uses an advanced and proprietary dual droplet aeroponic platform named GrowthStorm.

We seek Safe Harbor.

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