Canadian Cannabis Corp. (fka CCAN)

[zombiemoan]

On April 1, 2014, Canada Cannabis Corp., a predecessor entity to Gold Party Payday Inc.’s (the “Company”) wholly-owned subsidiary Canadian Cannabis Corp. (together with Canada Cannabis Corp., “CCC”), entered into an Agreement of Purchase and Sale (the “Purchase Agreement”) with I.L. Rosen Limited, Time Holdings Limited and Tanak Group Ltd. (collectively, the “Seller”) pursuant to which CCC will purchase from Seller the real property, including an approximately 312,500 square foot industrial building, located at 98-102 Rutherford Road South, Brampton, Ontario (the “Brampton Property”) for a total consideration of CAD $13,400,000 (the “Purchase Price”).

In connection with the Purchase Agreement, on April 3, 2014, CCC paid an initial earnest money deposit in the amount of CAD $500,000 that will be credited toward the Purchase Price at the closing of the Purchase Agreement and is refundable only if the closing does not occur as a result of Seller’s default. On May 16, 2014, CCC paid an additional deposit in the amount of CAD $300,000 in consideration of an extension to the closing date to June 9, 2014 granted by the Sellers pursuant to an extension letter dated May 16, 2014 (the “Extension Letter”). On June 9, 2014, the Company paid an additional CAD $1,800,000 and on June 18, 2014 the Company paid an additional CAD $1,510,000.00, both payments to extend the closing date of the Purchase Agreement. The total deposits made by the Company to date with respect to the purchase of the Brampton Property is CAD $4,110,000, representing prepayment of approximately thirty and 67/100 percent (30.67%) of the total Purchase Prices for the Brampton Property.

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