Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) recently completed an equity-for-debt swap, converting its C$100,000 loan to Mary’s Wellness Ltd. into equity. A recent article discussing the company reads, “The equity-for-debt swap converts C$100,000, extended to Mary’s Wellness Ltd. (“MWL”) as the first tranche of a convertible secured promissory note, into equity (http://cnw.fm/yUYY4). Late in 2018, Redfund agreed to provide C$1 million of debt financing to Mary’s Wellness Ltd, under a promissory note, with the option to convert in part or its entirety at Redfund’s discretion at any time during the term. The remaining C$900,000 remains covered by the promissory note, which is secured by a general security agreement on the assets of MWL. In addition, Redfund was granted the right of first refusal in providing financing to MWL under the same business terms previously offered. Conversion of the first tranche will give Redfund an ownership stake of 5.55 percent of Mary’s Wellness Ltd.”
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About Redfund Capital Corp.
Redfund intends to provide debt and equity funding in the middle to late stages of a target company’s development or in technologies that are developed and validated by revenues. The present focus of the merchant bank is on medical cannabis, hemp and CBD-related and healthcare-related companies. For further information, visit the company’s website at www.RedfundCapital.com.
NOTE TO INVESTORS: The latest news and updates relating to PNNRF are available in the company’s newsroom at http://cnw.fm/PNNRF
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