viewRedfund Capital Corp.

Redfund Capital to finance expansion plans of medicinal cannabis cultivator, RxMM Health Capital

Redfund Capital, which has emerged from the ashes of Parana Copper Corp, has been set up to "incubate and accelerate revenue producing companies to expand more rapidly" by providing them with capital and services

Redfund's investments will be deployed to entities who have demonstrated success in the cannabis industry

Redfund Capital, the merchant bank focused on the cannabis industry, has announced medicinal cannabis cultivator RxMM Health Capital as its first medical cannabis project.

RxMM is a British Columbia based company that intends to float on the Canadian Stock Exchange (CSE) and the US OTC exchange.

It has signed a two-year financing facility with Redfund in the form of a promissory note. Interest will be compounded and paid monthly.

Redfund has a right of first refusal on financings to RxMM.

“We are excited to welcome RxMM as our first medical cannabis project. In the next few weeks we are expecting to fund their company and help fuel their expansion plans, and commence our trading on the CSE,” said Meris Kott, the chief executive officer of Redfund.

As previously disclosed, Redfund Capital Group has reversed into Parana Copper Corp and the CSE has approved the company’s proposed change of business.

A date for the resumption of trading in the shares will be determined upon confirmation of the completion of a private placement, as well as completion of the usual application documentation and fees pursuant to CSE policies.

The company has tweaked the details of its private placement to raise up to C$35mln through the issue of units at C$0.35 a pop.

Each unit will now consist of one common share and one warrant entitling the holder to subscribe for one common share for $0.60 for a period of up to two years, subject to Redfund having the right to accelerate the expiry date if the shares trade at $0.90 for a period of 14 consecutive days, which can include days where no shares trade.

Proceeds of the private placement will be used to pay for the costs of the transaction, working capital and to provide loans to customers of the cannabis merchant bank Redfund Capital Corp.

Quick facts: Redfund Capital Corp.

Price: 0.06 CAD

Market: CSE
Market Cap: $3.14 m

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