So let me get this company all through last year and this year had only $56k net in notes all completely converted NO DILUTION that small note was paid in full. Company continues to deliver and per 8k and pr on 300k funding company said it would begin trials.
Started trials with money allocated from great funding secured last month see details below. $300k NON INTEREST BEARING LOAN WITH NO CONVERSION RIGHTS TO FUND OPERATIONS
OWCP an Israeli-based developer of cannabinoid-based therapies targeting a variety of different medical conditions and disorders, today announced it signed an agreement for $300,000 with Medmar LLC ("Medmar").
According to the terms of the agreement:
The funds will be allocated to complete the development of the Company's proprietary psoriasis cream;
Medmar will have exclusive right to manufacture, produce, publicize, promote and market OWC's Licensed Products in any state in the U.S;
The loan is non-interest bearing and will be repaid from royalties generated by the sale of OWC licensed products.
More details: Medmar has agreed to loan OCW Ltd a total of $300,000 (the “Loan”) on a non-interest bearing basis, with no conversion rights. Medmar will fund the Loan in six equal installments of $50,000 each, as follows: (i) 1st installment was released to OWC Ltd on September 22, 2016; (ii) 2nd installment on October 1, 2016; (iii) 3rd installment on November 1, 2016; (iv) 4th installment on December 1, 2016; (v) 5th installment on January 1, 2017; and (vi) 6th installment on February 1, 2017. The Loan, as noted above, bears no interest, is not convertible, is due in 36 months from the Effective Date, and repayment shall be made only by the set off of royalties payable by Medmar to OWC Ltd.
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