Fiore Cannabis has executed a non-binding letter of intent (“LOI”) on November 17, 2020 with a private company for a secured loan of US$2,000,000 (the “Loan”). The Loan carries an interest rate of 10% per annum and is secured by the Apex facility in North Las Vegas and dispensary in Desert Hot Springs. The loan has a one-year term with an option to extend by one additional year. In consideration of the loan, the Company will issue three million shares to the Lender at price of $0.085 and two million common share purchase warrants at an exercise price of $0.15 upon closing.
The execution of the definitive agreement will occur on or before December 15, 2020. The net proceeds from the Loan will be used by the Company for expansion of Apex facility and for general working capital purposes.
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