Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (Redfund or the “Company”) is pleased to announce that it has completed its first international financing with Colombian Cannabis Leader Biominerales Pharma Corp.
Biominerales Pharma S.A.S. (“BMP Colombia”) was established in 2014 by a group of Canadian and Colombian entrepreneurs. The company began as the only biodiesel refinery in Colombia using cooking and vegetable oils, with the capacity to produce biodiesel meeting international ISCC standards. The BMP team recognized the opportunity in early 2015 when medicinal cannabis was decriminalized and expanded on their existing operations.
In 2017, BMP was one of the first companies granted “global” extraction and exportation licenses for medicinal cannabis oils. The BMP team is located in Bogota and currently partners with 180 experienced cultivators and works closely with chemical engineers, agronomists and top local and international doctors.
BMP Colombia is one of the first Colombian companies authorized to legally market medical cannabis in Colombia, throughout South America and worldwide.
Redfund and BMP signed a 2 year term convertible secured promissory note on August 23, 2018 for US$3,000,000 at an annual interest rate of 14%, of which the first tranche of US$200,000 has already been tendered. The Note may be converted at Redfund’s discretion at any time during the term and the Company has a right of first refusal to provide financing to BMP upon the same business terms as are being offered to BMP by any other funders. BMP afforded Redfund stock warrants in its common stock equivalent to twenty percent (20%) of the amount of the Note based upon their current valuation as of the effective date which is stipulated to be US$10,000,000.
“As we continue to build one of the only Colombian vertically integrated supply chain and processing services in the Medicinal Cannabis and CBD industry, we are very excited to partner with Redfund. Their long-term support in helping us execute our overall strategy will excellerate our mission to develop best in class products and services and deliver on our social strategy to create jobs and assist local Colombian farmers. Having the financial backing of Redfund will bring further validation to our global model,” stated Adriana Rios, CEO of Biominerales Pharma Corp.
“We have been working with Adriana and her team for many months and today marks a major success for both our companies. Felicidades! Biominerales is a leader today in Colombia and will be one of the first to harvest a crop and place Colombia on the global Medicinal Cannabis and CBD stage. I am very proud to be partnering with one of the few Women in Cannabis in Colombia. Redfund will continue to finance BMP and help the company realize their complete business plan,” stated Meris Kott, CEO.
About Redfund Capital
Redfund intends to provide debt and equity funding in the mid-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, healthcare-related target companies.
For further information please visit www.redfundcapital.com
For more information on Redfund Capital contact Meris Kott CEO 604.484.8989 0r firstname.lastname@example.org
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.