Matica Enterprises Inc.: Matica Forwards First Shipment of Cannabis to BC
Toronto, Ontario--(Newsfile Corp. - March 16, 2021) -
Matica Enterprises Inc. (CSE: MMJ) (FSE: 39N) (OTCQB: MMJFF) ("Matica" or the "Company") is pleased to announce that Matica subsidiary RoyalMax Biotechnology Canada Inc. ("RoyalMax") has forwarded its first shipment of cannabis to the Province of British Columbia as per the Company's supply agreement with the B.C. Liquor Distribution Branch, which is the sole wholesale distributor of non-medical cannabis for the province.
Management continues to aggressively expand the Company's commercial and production footprint to additional Canadian provinces.
Alumina Equity Facility
The Company has renewed the draw-down equity facility of up to $20,000,000, with Alumina Partners, LLC, a New York-based private equity firm that has made substantial investments in the cannabis space. The terms of the agreement remain unchanged. The purchase of up to $20,000,000 of units of the Company (the "Units"), consisting of one common share (the "Share") and one common share purchase warrant (the "Warrants"), at discounts from 25% of the market price of the Shares, with each Private Placement Offering occurring exclusively at the option of the Company, throughout the 24 month term of the agreement. The exercise price of the Warrants will be at a 25% premium over the market price of the Shares. There are no upfront fees or interest associated with the use of this financing.