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CROP Infrastructure plans C$1 million debenture offering

The proceeds are expected to be used to continue to grow the firm's US operations and for general working capital
Cannabis plants
Crop is focused on cannabis, pictured

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), the cannabis-focused group, said it is planning to conduct a placing of convertible debentures to raise up to C$1 million in total.

The proceeds are expected to be used to continue to grow the firm's US operations and for general working capital, the Vancouver-headquartered firm said in a regulatory statement.

DEEP DIVE: CROP Infrastructure bridges a gap with a focus on real estate assets and cannabis branding

The debentures will mature one year from the closing of the offering and will bear interest at a rate of 10% a year, payable quarterly in cash.

Holders may convert all or any part of the principal outstanding under the debentures into company shares at C$0.30 each and unpaid interest may be converted into shares at a conversion price of C$0.30 each.

Each subscriber to the offering will receive one share purchase warrant for each C$0.30 of principal amount. Each warrant entitles the holder to acquire one company share at an exercise price of C$0.50 per warrant share for three years from closing.

Crop has a portfolio of cannabis branding, CBD and real estate assets through its wholly and partially-owned subsidiaries.

Earlier this month, the group revealed its tenant Park Project had launched its Tiff CBD cartridge line, becoming self-sustainable in the process.

One of 16 brands in CROP’s portfolio, Park Project is the first of the company’s assets to achieve self-sustaining status within 12 months of its acquisition. According to CROP, Park Project has accrued US$642,000 in lease, rental and brand fees.

Contact Giles at [email protected]

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