LVCA, just another pot company that is debt ridden and scalping shareholders with as 20% stake in the new company..
This one may not go very far..
As previously announced, pursuant to the terms of the LOI, the Company and GBI have initiated negotiations intended to result in completion and execution of a definitive equity exchange agreement (the “Agreement”) defining all of the material terms of the Acquisition on or before March 31, 2019. Per the LOI, the Agreement shall provide that upon conclusion of the Acquisition, GBI’s designees shall own 80% of the then outstanding common shares of the Company and the Company’s current shareholders shall own 20% of such outstanding common shares. The Company will also be required to settle all currently outstanding obligations with certain creditors on terms acceptable to GBI, the Company and such creditors. Furthermore, GBI, under the terms of the LOI, was required to obtain a commitment for a bridge loan of not less than $1,250,000.00 to be funded at the closing of the Acquisition and an equity infusion of up to $10,000,000.00 subsequent to closing of the transaction, each from a qualified investor(s), both of which will be applied to the growth of GBI’s cannabis enterprises. During the week of March 11, 2016, the Company was able to obtain such commitments in the form of terms sheets for both a $1,250,000.00 convertible bridge loan with reasonable redemption provisions and a fixed conversion price and the $10,000,000 equity infusion in the form of an equity line of credit at a 15% discount to market price on terms fundamentally acceptable to the Company from investors know to be qualified by IGNG management and counsel.During the same week, the Company commenced settlement discussions with two of its three major creditors which are ongoing. The company intends to open negotiations with its third creditor the week of March 25, 2017.
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