Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) this morning announced its entry into a promissory note with Cannaki Beverage Inc., a Las Vegas, Nevada-based manufacturer of natural and organic functional beverages with core products that include still and carbonated beverages and Nano CBD infused flavored waters. According to the update, Redfund and Cannaki signed the two-year term convertible secured promissory note on March 27th 2019 for $1,000,000 at an annual interest rate of 14 percent. Redfund may convert the note at any time during the term, and the company has a right of first refusal to provide financing to Cannaki upon the same business terms offered to Cannaki by any other funders. Cannaki will afford Redfund stock warrants in its common stock equivalent to 20 percent of the note amount based upon its current valuation as of the effective date, stipulated to be $20,000,000. “Cannaki has a strong network in the USA, Mexico and Europe and they are planning to expand their products’ reach to Asia and South America,” Redfund Capital CEO Meris Kott stated in the news release. “We hope to help Cannaki align with a licensed Canadian producer and place their products on shelves in Canada when CBD beverages are permitted in Canada. Welcoming a beverage company with a strong experienced team to the portfolio is very exciting for Redfund and our beverage division. We believe branded products in the cannabis sector with a global rollout strategy will continue to emerge and lead the industry.”
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About Redfund Capital Corp.
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 and healthcare-related companies. For further information, visit the company’s website at www.RedfundCapital.com.
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