Cannabis
MYM Announces Commitments to Fully Fund Its Strategic Plan Through 2020
MYM Nutraceuticals Inc. (“MYM” or “The Company”) (CSE: MYM.CN) (MYM.CN) (CSE: MYM) (OTCBB: MYMMF) is pleased to announce that it has commitments totaling $9.5 millionin financing, which will fully fund its strategic plan through 2020. The $9.5 million is a mixture of $5.5 million of debt from Trichome Financial Corp (“Trichome Financial” or “Trichome”) and $4 million of equity from Alumina Partners LLC (“Alumina Partners”).
“MYM is encouraged to share that, after considerable due diligence, Trichome Financial and Alumina Partners have decided to provide the company with commitments to finance up to $9.5 million,” said Howard Steinberg, CEO of MYM. “The commitments are an incredible vote of confidence for our plans to become global leaders in the cultivation, extraction, and distribution of CBD-rich hemp. The capital raise is a significant milestone that allows the Company to fully fund our strategic plan through 2020.”
MYM currently has three CBD-rich hemp cultivation and extraction projects, two medical cannabis cultivation projects, and three CBD isolate distribution offices in Mexico, Australia, and Europe. Through 2020, the plan forecasts cultivating over 5 million pounds of CBD rich biomass that if converted into isolate, as per the plan, will produce 108,800 kilograms of CBD isolate. Visit mym.ca for more details on the 2019 Strategic Plan.
“We have been thoroughly impressed with the level of expertise and sophistication that MYM’s new senior leadership team has displayed as they execute a pivot towards becoming leaders in all aspects of CBD-rich hemp” said Michael Ruscetta, CEO of Trichome. “This transaction is another example of Trichome providing flexible and timely capital fully secured against all the assets and licenses of MYM, which we expect will deliver extremely attractive returns.”
“Alumina is excited to support MYM as they accelerate the execution of their comprehensive hemp-derived cannabidiol strategy,” added Adi Nahmani, Managing Member of Alumina Partners. “The explosion in popularity and wide range of consumer applications of CBD, coupled with its increasingly favorable regulatory outlook, make this a key focus for MYM. We are confident that the strategic plan that management is executing upon will contribute enormously to future revenue.”
The Trichome financing (“Trichome Financing”) is in the form of a senior secured term loan with an interest a rate of 12% per annum and which matures in 12 months following closing, with an option to extend for another 6 months. In connection with the Trichome Financing, MYM will issue up to 5,000,000 warrants in three tranches. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.30 for a period of three years from the date of issue. Closing of the Trihcome Financing is subject to MYM’s receipt of a cultivation license from Health Canada for their 10,000 sq. ft. facility in Laval, Quebec, definitive documentation, along with other customary conditions precedent.
The Alumina Partners financing is a firm commitment, subject to the granting of our license from Health Canada and certain customary market outs and other conditions, to fund up to $4 Million under the terms of the existing Alumina Equity Agreement previously announced.
SOURCE MYM Nutraceuticals Inc.
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