Crop Infrastructure Corp (CSE:CROP) (OTCMKTS:CRXPF) announced its plan to raise as much as C$4 million in a senior secured convertible debenture offering.
The cannabis branding and real estate asset company said Thursday in a statement that each unit will be made up of C$1,000 in principal amount of senior secured convertible debenture and one share purchase warrant per C$0.30 of principal amount.
Each warrant, according to the company, entitles the holder to acquire one common share at an exercise price of $0.50 per warrant share for a period of three years from the date of the offering’s closing.
At any time, the company said, holders may convert all or part of the principal amount for the debentures into common shares at a conversion price of C$0.30 per conversion share.
Shares of Crop climbed C$0.01 to C$0.32 in Thursday’s Canadian trading. They traded at US$0.25 on the OTC Markets.
The company's portfolio of projects includes cultivation properties in California, two in Washington State and a 1,000-acre Nevada cannabis farm.
Earlier this week, the company said its Washington State tenant’s first cannabis crops had passed all tests for microbial impurities and showed no detectable pesticides.
Contact Dennis Fitzgerald at [email protected]