World News: 11:30 GMT Friday 14th September 2018. [Emblem Corp.; Natura Naturals Holdings Inc. via Globe Newswire via SPi World News]
TORONTO, Sept. 14, 2018 (GLOBE NEWSWIRE) -- Emblem Corp. (TSXV: EMC, OTCQX: EMMBF) (“Emblem” or the “Company”) through its wholly-owned subsidiary Emblem Cannabis Corporation, a licensed producer of medical cannabis under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), and Natura Naturals Holdings Inc. (“Natura”) announced the termination of their letter of intent as of 5 p.m. EST on September 13, 2018.
“Emblem looks forward to maintaining its strong business relationship with the Natura team as both a shareholder and in connection with our existing 3,000 kg supply agreement in the coming years,” said Nick Dean, CEO of Emblem Corp.
In addition, as previously announced, Emblem recently provided $2 million of advanced funding to Natura for the expansion of its facility (the “Funding”). The Funding is comprised of a one-year convertible debenture for an aggregate principal amount of up to $2 million, with an interest rate similar to Natura’s other funding obligations and can be pre-paid at any time during the term. The first tranche of $500,000 was advanced on August 23, 2018, with subsequent payments made on August 30, September 6 and September 13, 2018. The Funding is convertible into Natura shares at $0.80 per share plus one full share purchase warrant exercisable at $1.05. In the event Emblem elects to convert the Funding into Natura shares, Natura and Emblem would concurrently enter into an additional 2,000 kg supply agreement on substantially the same terms as the supply agreement completed on July 17, 2018.
Morgan CatesH+K Strategies416.413.4649
Ethan Karayannopoulos Investor Relations Emblem Corp. 647.748.9696
Alex Stojanovic Chief Financial Officer Emblem Corp. 416.923.1331
Alexander Logie SVP Business Development Natura Naturals Inc. 647.216.8997
Ian Atacan Chief Financial Officer Natura Naturals Inc. 416.562.3220
Forward-looking statements are not a guarantee of future performance and are subject to and involve a number of known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks identified in Emblem’s December 31, 2017 Management's Discussion and Analysis which has been filed with the Canadian Securities Administrators and available on www.sedar.com. Any forward-looking statements are made as of the date hereof and, except as required by law, the Company assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
Globe Newswire: 11:30 GMT Friday 14th September 2018
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