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January 2nd, 2018
Friday Night Inc. Enters Land Purchase Agreement To Further Expand Nevada Operations. Raises 5 Million Through Warrant Exercise
Friday Night Inc. is pleased to announce that it has entered into a land purchase agreement to acquire an additional 2.78 acres of land connected to the location that will host Alternative Medicine Association’s new cultivation facility.
John Goss, President of the Company's wholly owned subsidiary in Nevada, FN Management Services, completed the negotiations to acquire 2.78 acres of raw land directly connected to the Company's planned new cultivation site in Las Vegas, Nevada. John Goss commented,
"This will allow Friday Night to expand its cultivation center in phases and can accommodate an additional 150,000 sq. ft. of cultivation space as more supply is needed in the rapidly expanding Las Vegas market. It would also allow us to expand our existing production and extraction facilities if desired. This is a great investment in our future in this market."
The purchase price for the 2.78 acres of land in unincorporated Clark County is for $834,000 (USD). All documents have been signed and the escrow has been opened with a $25,000 (USD) earnest money deposit. The terms provide for a closing within 85 days or sooner.
The Company also announces that approximately $5 million has been raised over the last 2 months through the exercise of existing warrants, most of which were exercisable at $0.30 per share. The Company estimates that there is another $4 million in funds that will potentially come in on additional exercises. Approximately $2 million of the total $5 million in debentures have chosen to convert their principal into shares at a rate of $0.25 per share. The Company notes that it is in a position to accelerate the expiry date and force conversion of the remaining warrants and debentures, but if the current rate of exercises continues, it does not anticipate having to do so.
For more information contact:
Joe Bleackley
Director of Corporate Communications
604-674-4756
Joe@FridayNightInc.com
