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Vert Infrastructure cancels $0.10 a unit private placement, names interim CFO

The cannabis company, formerly known as CROP Infrastructure, continues to look for sales opportunities for its real estate assets to reduce its debt obligations

Vert Infrastructure Corp
Arif Merali has been named interim CFO following the resignation of Abbey Abdiye

Vert Infrastructure Corp (CSE:VVV) (OCTMKTS:CRXPF) has cancelled its previously announced $0.10 a unit private placement and announced a change of CFO.

The cannabis company, formerly known as CROP Infrastructure Corp, said it continues to look for sales opportunities for its real estate assets to reduce its debt obligations. 

In a statement released late on Tuesday, Vert also said its main debt holder has security over all of the company's assets including its stock portfolio.

READ: Vert Infrastructure forging path to prosperity in the US cannabis and hemp sector

Amid the coronavirus (COVID-19) pandemic, the company said it expects challenges in attracting suitable buyers for its assets. It also said the company's Canadian management team will not be able to visit and report on any of the assets which are sitting in default.

“Due to COVID-19 pandemic all of our remaining consultants and/or those helping us through what was already a challenging time for the company are currently in self-isolation,” Vert said. 

“The company will continue to work remotely to the best of its ability to look for the sale of its assets. No pandemic relief the company is aware of is available to the company by either federal governments due to the company's position of being a Canadian small business investing and operating in the US.”

Vert also said that it has settled a portion of its debt with a former supply agreement partner by the issuance of 1,052,631 shares at a price of $0.095 per share.

In other company news, Vert also revealed that its CFO Abbey Abdiye and director Victoria Bostica have resigned, effective immediately. 

It said Arif Merali has been named interim CFO, and the group has also appointed Brendan Mossip Balkwill to its board of directors.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

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Price: 0.025 CAD

CSE:VVV
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