Golden Leaf Announces Closing of Bridge Loan and Conversion of Debentures

Golden Leaf Holdings (CSE:GLH; OTCQB:GLDFF) announced it has closed a bridge loan and received proceeds of $2,000,000.
As quoted in the press release:

Directors of the Company contributed C$800,000 to the Bridge Loans. The Bridge Loans will be due on January 31, 2018 and bear interest at the rate of 5%. Parties participating in the Bridge Loans were issued 952 common share purchase warrants (the “Bridge Warrants”) for each C$1,000 principal amount lent. Each Bridge Warrant will entitle the holder to acquire one Common Share at a price of C$0.21 per Common Share for a period of two years following the closing of the Bridge Loans, subject to adjustment in certain events. The exercise price on the Bridge Warrants was reduced from that previously announced in order to ensure the full participation of the lenders. The net proceeds of the Bridge Loans will be used for general corporate purposes.
In addition, the Company is pleased to announce that it has secured conversion of 95% of the remaining outstanding convertible debentures of the Company issued in March 2016 and that were due on September 11, 2017.

Click here to read the full press release.

Source: www.marketwired.com