Camarico Investment Group Ltd. (CSE: CIG) ("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 USD $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.
Anthony Chan, CEO & CFO
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important
risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the
Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”,
“suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used
to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations
as of the date of this news release. The results or events anticipated or predicted in such forward-looking information may differ
materially from actual results or events. Material factors which could cause actual results or events to differ materially from a
conclusion, forecast or projection in such forward-looking information include, among others, risks arising from general economic
conditions and adverse industry events.
When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors
and other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous
paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these
factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual
outcome of such items or factors.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF
THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH
DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT
RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT
UNDERTAKE TO UPDATE THIS INFORMATION ON AT ANY PARTICULAR TIME.