"Yorkville has proven to be a very supportive partner for our endeavors," comments William Gildea, CEO of Future Farm. "We are both committed to see our investments succeed and to expand the value of our portfolio for shareholders."
In addition to the financing, the company provided an update on operations in Puerto Rico. Three of Future Farm's senior advisers will be onsite next week in Puerto Rico to oversee the development of FFPR, which is set up to own and operate five medical dispensaries on the island. Led by Tom Barrette and George Groccia, the team will work with its partners, including Clinica Verde, to design and implement collaborative, operational management processes. Clinica Verde operates four existing Registered Marijuana Dispensaries in Puerto Rico.
Future Farm's finance team will also be onsite to help develop and implement a seamless data analytics process and map out real-time reporting that will be integrated throughout all locations. In addition to data mapping, the team will also focus on selecting the remaining three RMD locations. Once fully established, FFPR's dispensaries will help ensure that the over twenty-thousand registered medical marijuana patients have access to the highest quality care the island has to offer.
In other developments, Belinda Tyldesley has resigned as the company's Corporate Secretary and will be replaced by attorney Mary C. Butler, effective upon completion of certain required filings.
"Belinda has done superb work for the new management team at Future Farm since we came on board in 2016, so we wish her well and look forward to Kate expanding her role as a key part of the legal team of Future Farm to include being Corporate Secretary," comments William Gildea. "I am also pleased with the progress being made in Puerto Rico and appreciate the contribution that the team will add by traveling there next week."
Under the terms of the financing, the Company entered into a Secured Convertible Debenture in the Principal Amount of US$4,202,423, of which US$3,202,423 refinances the remaining principal and accrued interest on the US$4,000,000 Convertible Debenture entered into with Yorkville in March 2018 and US$1,000,000 will be paid in cash to Future Farm. The new Debenture bears annual interest at 8% and is repayable within 12 months, or convertible into Common Shares of the Company at a price of C$0.20 per share. In connection with the Debenture, the Company has also granted a Warrant Certificate to purchase 13,000,000 Common Shares at a price of C$0.24 per share. The Warrant Certificate expires on August 9, 2021.
For more information:
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
info@futurefarmtech.com
futurefarmtech.com
Future Farm Technologies
342 Compass Circle
North Kingstown RI 02852
T: (617) 834-9467
info@futurefarmtech.com
futurefarmtech.com