IKÄNIK FARMS ANNOUNCES EXTENSION OF $750,000 LOAN AGREEMENT
CORONA, Calif., January 25, 2022 /PRNewswire/ – Ikänik Farms, Inc. (CSE: IKNK.U) (FSE: DFMA) (the “Society” Where “Ikänik Farms“) is pleased to announce that the Company’s wholly-owned subsidiary, Firehouse Holdings Inc. (“Fire station“) concluded an amendment (the “Amendment“) to the loan agreement concluded on October 12, 2021 between Firehouse and a current shareholder of the Company (the “Lender“) which, among other things, extends the duration of the US$750,000 debt financing (the “To lend“) at February 28, 2022with an optional extension of an additional thirty (30) days in exchange for the issuance to the Lender of 500 Series A Warrants (each, a “To guarantee“), among other additional fees. Each Warrant is exercisable to acquire one (1) Series A Multiple Voting Share (“Series A Share“) at an exercise price equal to $8.00 per share for a period of two years from January 252022. Each Series A Share is convertible into 100 subordinate voting shares of the Corporation.
Loan proceeds are used to pay off existing debt and for general working capital purposes.
Securities issued under the Amendment are subject to a statutory hold period expiring May 26, 2022.
About Ikänik Farms
Ikänik Farms is a California-based multinational operator (MNO) building a vibrant portfolio of brands, inspired by its passion for health and wellness, action sports, and supported by its integrated retail business and of distribution in California and its medical quality. culture and laboratory in Colombia. The company’s management brings decades of expertise in R&D, culture, retail, branding and corporate finance. Ikänik Farms’ operation in Colombia, through its Pideka pharmaceutical division, holds both GMP-PHARMA and (GACP) Good Agricultural and Collection Practice certifications for its Casa Flores operating facility.
This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws (together, the “forward-looking information”). All information, other than statements of historical fact, included in this press release that addresses activities, events or developments that the Company expects or anticipates will or may occur in the future. are forward-looking information. “, “estimate”, “expect”, “intend”, “may”, “potential”, “believe”, “should”, and similar expressions, are forward-looking information.
Although the Company has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking information, there may be other factors that cause the results , performance or achievements are not as anticipated, estimated or intended, including but not limited to: changes in laws, change in management, ability of Firehouse to repay loan, company assets used as collateral for the loan, inability to obtain additional financing, increased competition, impediments to market growth and state adoption due to inconsistent public opinion and industry perception of marijuana for medical and adult use and regulatory or policy changes.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates regarding future developments, circumstances or results will materialize. Due to these risks and uncertainties, the results or events predicted in the forward-looking information may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this press release speaks as of the date of this release. The Company disclaims any intention or obligation to update or revise this information, except as required by applicable law, and the Company assumes no responsibility for the disclosure relating to any other company mentioned herein.
On behalf of the Board of Directors of Ikänik Farms Inc.
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SOURCE Ikanik Farms Inc.