Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) this
morning announced its entry into a promissory note with Cannaki Beverage Inc., a Las
Vegas, Nevada-based manufacturer of natural and organic functional beverages
with core products that include still and carbonated beverages and Nano CBD
infused flavored waters. According to the update, Redfund and Cannaki signed
the two-year term convertible secured promissory note on March 27th 2019 for
$1,000,000 at an annual interest rate of 14 percent. Redfund may convert the
note at any time during the term, and the company has a right of first refusal
to provide financing to Cannaki upon the same business terms offered to Cannaki
by any other funders. Cannaki will afford Redfund stock warrants in its common
stock equivalent to 20 percent of the note amount based upon its current
valuation as of the effective date, stipulated to be $20,000,000. “Cannaki has
a strong network in the USA, Mexico and Europe and they are planning to expand
their products’ reach to Asia and South America,” Redfund Capital CEO Meris
Kott stated in the news release. “We hope to help Cannaki align with a licensed
Canadian producer and place their products on shelves in Canada when CBD
beverages are permitted in Canada. Welcoming a beverage company with a strong
experienced team to the portfolio is very exciting for Redfund and our beverage
division. We believe branded products in the cannabis sector with a global
rollout strategy will continue to emerge and lead the industry.”
To view the full press release, visit http://ibn.fm/OjTkh
About Redfund Capital Corp.
Redfund intends to provide debt and equity funding in the
mid-to-late stages of a target company’s development or in technologies that
are developed and validated by revenues. The present focus of the merchant bank
is on medical cannabis, hemp and CBD-related and healthcare-related companies.
For further information, visit the company’s website at www.RedfundCapital.com.
NOTE TO INVESTORS: The latest news and updates
relating to PNNRF are available in the company’s newsroom at http://ibn.fm/PNNRF
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