National Access Cannabis Corp. Announces Repayment of Opaskwayak Loan
The Company remains well positioned for the opening of up to 200 cannabis retail stores over the next 18 months
OTTAWA, Nov. 27, 2018 – National Access Cannabis Corp. (“NAC” or the “Company”) (TSXV: META) today announced that following the successful closing of its brokered private placement offering of special warrants of NAC for gross proceeds of $21,150,000, announced November 23, 2018 (the “Private Placement”), the Company has repaid the Opaskwayak Cree Nation’s secured loan (the “Opaskwayak Loan”) in the amount of $26,716,197, representing $25,000,000 drawn on the loan plus accrued interest and fees.
The balance between the net proceeds of the Private Placement and the amount owing under the Opaskwayak Loan was funded with the proceeds from the Company’s $20,000,000 common share financing with four of Canada’s leading Licensed Producers of cannabis, which closed October 29, 2018. The Opaskwayak Loan was entered into on July 19, 2018 with a term of six months and a total commitment amount of up to $35,000,000.
“We are very pleased to announce the repayment of this loan prior to maturity and we thank the Opaskwayak Cree Nation for its support in funding our growth,” said Mark Goliger, CEO of National Access Cannabis. “We remain well capitalized to become Canada’s largest national cannabis retailer and look forward to sharing developments in our plan to open up to 200 retail cannabis stores in the next 18 months.”
About National Access Cannabis Corp.
NAC is a best practices leader in delivering secure, safe, and responsible access to legal cannabis in Canada. Through its Canada-wide network of medical cannabis clinics, partner pharmacies, NAC Bio’s clinical research division, Meta Cannabis Supply Co.™ and NewLeaf Cannabis™ recreational cannabis retail stores, NAC enables patients and the public to gain knowledge and access to Canada’s network of authorized Licensed Producers of cannabis. NAC is listed on the TSX Venture Exchange under the symbol (TSXV: META).
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For further information: National Access Cannabis Corp.: Mark Goliger, Chief Executive Officer, 1-800-411-1126, Info@NationalAccessCannabis.com; Investor Relations: Emily Gibbs, LodeRock Advisors Inc., 416-546-8775, email@example.com; Media Inquiries: Jessica Patriquin, 416.640.5525 x 230, M 416.995.8496, E firstname.lastname@example.org