Fiore Cannabis Ltd. Closes Third Tranche of Debenture – Yahoo Finance

Kelowna, British Columbia–(Newsfile Corp. – December 22, 2020) – Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) (“Fiore” or the “Company”), a licensed multi-state cannabis cultivator, producer and retailer, confirms it has closed the third tranche of a non-brokered private placement of unsecured Debentures Units for gross proceeds of $175,000. Each Debenture Unit consists of $1,000 principal amount of 10% unsecured subordinated debentures (“Debentures“) and 2,000 common share purchase warrants of the Company (“Warrants“). The proceeds from the private placement will be used for general working capital purposes.

Each whole Warrant entitles the holder thereof to purchase one (1) common share of the Company at a price of $0.15 per share, subject to adjustment in certain events, for a period of twenty-four (24) months. The Debentures mature on December 17, 2022 (“Maturity Date“). The Company has the right to extend the Maturity Date to forty-eight (48) months from the date of issuance, at its option. The Debentures bear interest at a rate of 10% per annum, payable semi-annually in arrears on the last day of June and December of each year, commencing on December 31, 2020.

The Company continues to raise additional capital for the fourth tranche of financing, which will be allocated for general corporate purposes and working capital. Fiore has the right to increase the size of the private placement up to 1,300 Debenture Units for a total of $1.3 million CAD. The fourth tranche is expected to close on or before January 31, 2021.

About Fiore Cannabis Ltd.

Fiore Cannabis Ltd. (CSE: FIOR) (OTCQX: FIORF) is a publicly traded company that has been investing in the development of medical and recreational cannabis products since 2014. Fiore has expanded its operating portfolio to include cultivation, production and retail offerings in our key North American legal jurisdictions Nevada, California

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