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Next Green Wave closes C$3 million financing to fund product rollout in California

"The funding will allow us to continue with the rollout of the highest quality consumer-facing products and advance the build-out of our research and innovation facility," said CEO Leigh Hughes

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The cannabis company closed a C$3 million financing

Next Green Wave Holdings Inc (CSE:NGW) (OTCMKTS:NXGWF) announced Thursday that the cannabis company had completed a C$3 million convertible note offering allowing it to continue to roll-out its suite of brands and products throughout California.

In addition to financing the rollout, proceeds will also be used to make payments related to the US$21 million SDC Ventures LLC acquisition announced in March.  

"The funding will allow us to continue with the rollout of the highest quality consumer-facing products and advance the build-out of our research and innovation facility that will further open our distribution channels," said Next Green Wave CEO Leigh Hughes.

READ: Next Green Wave unveils revamped brand identity with new website

The first tranche of the offering comprised of 3,000 unsecured convertible notes valued at C$1,000 each for gross proceeds of C$3 million.

The notes will mature on May 29, 2021 and generate interest at 8.5% per year, payable semi-annually on June 30 and December 30, starting next month.

The principal amount of the notes is convertible into Next Green Wave shares at a price of C$0.388. Convertible note subscribers have been issued transferable warrants entitling them to collectively purchase around 7.7 million shares at a price of $0.485 for a 24-month period from the date of issuance.

Shares of Next Green Wave slipped 6.3% in Canada to close at C$0.38 on Thursday.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Next Green Wave

Price: 0.135 CAD

CSE:NGW
Market: CSE
Market Cap: $22.23 m
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