VANCOUVER, British Columbia, Sept. 07, 2023 (GLOBE NEWSWIRE) — Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLFFF) (FRANKFURT:CLB), (the “Company” or “CLC” or “Christina Lake Cannabis“), a number one producer of top of the range extracts, superior merchandise and solar grown hashish, is happy to supply particulars relating to a proposed non-brokered personal placement.

The Firm broadcasts that it intends to finish a non-brokered personal placement with gross proceeds of as much as $5,000,000 (the “Offering“). The Firm might be issuing convertible promissory notes (“Notes”) secured by land and buildings. The Be aware bears curiosity at a charge of 15% each year over a time period of 36 months (the “Term“). Compensation of the Be aware shall be within the type of curiosity solely funds for the primary 15 months and a blended principal and curiosity cost for the remaining Time period. Excellent principal and curiosity from the Notes might be convertible into frequent shares at a conversion value of $0.06 per frequent share in the course of the Time period. The Firm shall even have the suitable to redeem or repay the Notes at any time in the course of the Time period. The proceeds from the Providing are anticipated for use for compensation of excellent debentures, working capital and basic company functions. The primary tranche of the Providing is anticipated to shut on or about September 11, 2023, or such different date or dates that the Firm could decide, topic to the receipt of all required regulatory approval, together with acceptance of the CSE. All securities issued in reference to the Providing might be topic to a maintain interval of 4 months and someday from the cut-off date, in accordance with relevant Canadian securities legal guidelines.

Sure administrators and officers of the Firm could purchase Notes beneath the Providing. Such participation might be thought-about to be a “related party transaction” as outlined beneath Multilateral Instrument 61-101 – Safety of Minority Safety Holders in Particular Transactions (“MI 61-101“). The Firm anticipates counting on exemptions from the minority shareholder approval and formal valuation necessities relevant to the related-party transactions beneath sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as neither the truthful market worth of the Notes to be acquired by the collaborating administrators and officers nor the consideration to be paid by such administrators and officers is anticipated to exceed $2,500,000.

The securities issued beneath the Providing haven’t been and won’t be registered beneath the U.S. Securities Act of 1933, as amended, and have been to not be provided or offered in the USA absent registration or an relevant exemption from the registration necessities. This information launch shall not represent a suggestion to promote or the solicitation of a suggestion to purchase nor shall there be any sale of the securities in the USA or in some other jurisdiction during which such provide, solicitation or sale can be illegal.

The Firm has additionally entered into an settlement for the acquisition of extra processing tools to meet rising demand for our high-quality out of doors flower. Underneath the settlement the Firm will buy $277,675 CAD (+HST) value of kit, with month-to-month repayments extending for 36 months, starting on October 15, 2023. Funds for the primary 15 months of the time period are curiosity solely, with blended principal and curiosity funds commencing after December 15, 2024.

About Christina Lake Cannabis Corp.

Christina Lake Cannabis is a licensed producer of hashish beneath the Cannabis Act with a typical cultivation license and corresponding processing modification from Well being Canada in addition to a analysis and growth license. Christina Lake Cannabis’ facility consists of a 32-acre property, which incorporates over 950,000 sq. ft of out of doors develop area, workplaces, propagation and drying rooms, analysis amenities, and a facility devoted to processing and extraction. Christina Lake Cannabis additionally owns a 99-acre plot of land adjoining its principal web site. CLC focuses its manufacturing on creating top quality extracts and distillate for its B2B consumer base with proprietary strains particularly developed for out of doors cultivation to boost extraction high quality.

On behalf of Christina Lake Cannabis:

“Mark Aiken”
Mark Aiken, CEO

For extra details about CLC, please go to: www.christinalakecannabis.com
Jennifer Smith
Investor Relations and Media Inquiries
[email protected]
902-229-7265

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

This Information Launch contains sure “forward-looking statements” which aren’t comprised of historic info. Ahead-looking statements embrace estimates and statements that describe the Firm’s future plans, targets or objectives, together with phrases to the impact that the Firm or administration expects a acknowledged situation or consequence to happen. Ahead-looking statements could also be recognized by such phrases as “believes”, “anticipates”, “expects”, “estimates”, “could”, “might”, “would”, “will”, “doubtless”, “in all probability”, “usually”, or “plan”. Since forward-looking statements are primarily based on assumptions and tackle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are primarily based on info at present accessible to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward-looking info might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking info. Ahead trying info on this information launch contains, however is just not restricted to, the scale of the Providing, the completion and phrases of the Providing, using the proceeds from the Providing, the Firm’s targets, objectives or future plans, statements, harvesting outcomes, and estimates of market circumstances. Elements that would trigger precise outcomes to vary materially from such forward-looking info embrace future development potential of the Firm, fluctuations typically macroeconomic circumstances, fluctuations in securities markets, expectations relating to the scale of the long run harvest, the power of the Firm to efficiently obtain its enterprise targets, plans for growth, lack of ability to acquire ample insurance coverage to cowl dangers and hazards and basic market circumstances. Extra components and dangers together with numerous threat components mentioned within the Firm’s disclosure paperwork which will be discovered beneath the Firm’s profile on http://www.sedar.com. Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes could fluctuate materially from these described herein as meant, deliberate, anticipated, believed, estimated or anticipated

Though the forward-looking statements contained on this information launch are primarily based upon what administration of the Firm believes, or believed on the time, to be affordable assumptions, the Firm can’t guarantee shareholders that precise outcomes might be per such forward-looking statements, as there could also be different components that trigger outcomes to not be as anticipated, estimated or meant. Readers mustn’t place undue reliance on the forward-looking statements and data contained on this information launch. These statements communicate solely as of the date of this information launch. The Firm assumes no obligation to replace the forward-looking statements of beliefs, opinions, projections, or different components, ought to they alter, besides as required by legislation.