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CROP Infrastructure closes debenture offering, raising up to C$1 million

The senior secured convertible debentures were issued with a discount of 20%, with aggregate face value of up to C$1.25 million
Cannabis plant
Crop has a portfolio of cannabis branding, CBD and real estate assets through its wholly and partially-owned subsidiaries.

CROP Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF), the cannabis-focused group, has closed its previously announced debenture offering and raised a total of up to C$1 million gross.

As reported earlier this week, the proceeds are expected to be used to continue to grow the firm's US operations and for general working capital.

READ: CROP Infrastructure plans C$1 million debenture offering

The senior secured convertible debentures were issued with a discount of 20%, with aggregate face value of up to C$1.25 million, the Vancouver-based company said.

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.

Contact Giles at [email protected]

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