MMJ Group Holdings Limited (ASX: MMJ) ("MMJ") is an Australian listed specialist investment company which concentrates on producing capital growth for shareholders over the medium to long term from investments in listed and unlisted equities and other financial assets.
MMJ invests CAD1m in Weed Me Inc.
MMJ has completed a follow-on investment of CAD1m in the unlisted company, Weed Me Inc. (“Weed Me” or the “Company”) based in Ontario Canada. MMJ’s investment is in the form of an unsecured convertible note to fund the Company’s business plan rollout and position Weed Me for a liquidity event (either public listing or sale of the business). The key terms of the convertible note are:
a) a cash yield of 8% per annum
b) maturity date of 9 May 2023
c) conversion at MMJ’s option1 prior to maturity
MMJ has also been issued 230,415 warrants convertible into 230,415 Weed Me shares each at CAD2.17 with an expiry date of 29 October 2024.
The investment was made from MMJ’s existing cash reserves.
For more information, download the attached PDF.
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