Tickers: XTSX:CEA, XCNQ:CIG
Tags: #Oil&Gas
August 19, 2019 - TheNewswire - Nanton, AB - Camarico Investment Group Ltd. (CNSX:CIG.CN) ("Company") is pleased to announce non-brokered financing of unsecured convertible debentures ("Debentures") in the principal amount of up to CAD $5,000,000 (the "Offering") by a related funder to the company.
The Debentures will mature on the date that is 24 months from the date of issuance (the "Issue Date") and bear interest at a rate of 9% per annum, calculated and paid monthly in arrears commencing on the day that is 30 days from the Issue Date.
The principal amount and any accrued and unpaid interest on the Debentures may be convertible into common shares in the capital of the Company (the "Shares"), in whole or in part, at any time following the Issue Date, but on or before the maturity date at a conversion price of US $0.50 per share.
The gross proceeds from the convertible debenture issuance will be used to fund the primary development of the Georgetown cannabis project in Vulcan, Alberta. The Georgetown project is owned by Camarico Land & Development Corp. and is under contract development with Camarico Construction Ltd., both of which are wholly owned subsidiaries of Camarico Investment Group Ltd.
The Debentures and the Shares issuable, upon the conversion of the Debentures, will be subject to a statutory resale restriction of four months and one day from the date of closing.
For further information regarding Camarico, see the Company's profile on SEDAR at www.sedar.com.
Contact Information
Tel: 1-403-861-6779
Email: mloree@camarico.ca
R. Mackenzie Loree
CEO & Director
Camarico Investment Group Ltd.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information: This news release contains forward-looking information based on current expectations. Statements about, among other things, future developments and the business and operations of Camarico Investment Group, our production, investments, results, trading of CIG shares on the CSE, the closing of the Transaction, the receipt of any pending regulatory approvals or licenses, the growth of our global footprint and our intentions to leverage our scale for continued organic growth and to pursue strategic investments are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such factors include, but are not limited to our ability to identify and pursue growth, financing and other strategic objectives, and the regulatory and economic environments in the jurisdictions we operate or intend to operate or invest in. Although such statements are based on management's reasonable assumptions at the date such statements are made, there can be no assurance that the proposed acquisition will occur and that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on the forward-looking information. Camarico assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by applicable law.
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