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Long Blockchain inks US$2mln convertible debt facility to help fund change of business focus

Last updated: 13:46 26 Dec 2017 EST, First published: 08:46 26 Dec 2017 EST

Blockchain
The stock soared last week after the company revealed it was changing its name and business focus away from being a drinks maker

Long Blockchain Corp. (NASDAQ:LTEA) has entered into a US$2mln convertible debt facility, with an additional US$2mln option, to help fund its change of business focus to the exploration of and investment in blockchain technology ventures.

The group, until recently known as Long Island Ice Tea Corp., said the lender of the debt facility is UK-based investment firm Court Cavendish Ltd., which was granted to right to appoint two new members to the company's board of directors.

The stock soared last week after the company revealed it was changing its name and business focus away from being a drinks maker.

Long Blockchain’s chief executive Philip Thomas. "Our new financing arrangement with a UK-based investment firm that shares our vision is the first step of many, and further validates our commitment to a swift, responsible pivot into blockchain technology."

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