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NetworkNewsBreaks – Hemptown Organics Corp. Announces $7.5M Concurrent Financing to Proposed Qualifying Transaction

Company: Hemptown Organic Corp.
Category: News

Hemptown Organics, a diversified hemp company doing business as Hemptown USA, today provided an update further to its previous news releases on the proposed acquisition of Hemptown by Spectre Capital Corp. (TSX.V: SOO.P), a capital pool company listed on the TSX Venture Exchange. According to the update, the transaction, once complete, is expected to result in the reverse takeover of Spectre and will constitute Spectre’s Qualifying Transaction under Policy 2.4 – Capital Pool Companies of the Exchange. In connection with the transaction, Hemptown and Spectre have entered into an engagement letter, dated May 27, 2021, with Canaccord Genuity Corp. (the “agent”) to complete an equity financing (“concurrent financing”) by way of a private placement of up to 8,823,530 subscription receipts, each at $0.85, for aggregate gross proceeds of up to $7,500,000, with such proceeds to be deposited in escrow under the terms of an escrow agreement to be entered into among the company, Spectre and an escrow agent acceptable to the agent. Pursuant to the engagement letter, the company also agreed to grant the agent an option (“over-allotment option”) to place up to an additional 1,323,530 subscription receipts, or 15% of the maximum number of subscription receipts issuable under the concurrent financing, for up to $1.125 million in additional gross proceeds. The concurrent financing is expected to close on July 15, 2021, or such other date as may be agreed to by Hemptown, Spectre and the agent.

To view the full press release, visit https://nnw.fm/2LLBh

About Hemptown Organics Corp.

Hemptown is a diversified cannabinoid company delivering a wide product offering across the value chain, and in multiple sales channels, to meet the growing global demand for cannabinoid-based products. State-of-the-art cultivation in Oregon’s Rogue Valley, FDA-licensed and cGMP certified product manufacturing, and a strong leadership team with Fortune 500 experience are the pillars for Hemptown’s growth model as it pushes into the consumer-packaged goods sectors with top quality white-label and branded product lines for the consumer market. For more information, visit www.HemptownUSA.com.

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