Transcanna Holdings Inc (TCAN)

[MontereyBud]

TransCanna Completes Acquisition Of 196,000 Sq. Ft. CA Cannabis Facility

The total purchase price for the Property was US$15 million. The Company’s CEO paid the seller a US$250,000 non-refundable deposit to secure the property, which has since been reimbursed by the Company, and the Company will pay an US$8 million down payment from the proceeds of the Company’s over-subscribed brokered private placement once closed (see news releases dated February 20, 2019 and March 14, 2019). In consideration of the issuance of 500,000 common shares of the Company, the seller of the building agreed to a carry back note of US$6.750 million at 7% p.a. interest only for up to thirteen months, with an initial maturity date of October 15, 2019, subject to a six-month extension.

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