Biome Grow has closed a $3 million non-revolving debt financing. "The general terms are quarterly interest only payments at a rate of 10% during the 24-month term with principal repayment due at maturity," the team with the company explains. "The proceeds, which were sourced by an Atlantic Canadian-based lender will primarily be used to support the company’s growth in operations at the Highland Grow facility in Antigonish, Nova Scotia."
"As part of this transaction, the company will be issuing warrants exercisable for $1,500,000 worth of common shares of the Company at an exercise price of $0.28. These warrants expire four years from the closing date."
“The incoming capital will allow the business to increase the volumes processed at Highland Grow Inc. to meet the demand we are seeing for our high quality cannabis products” said CEO Khurram Malik.