Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

Liberty Health Sciences Announces USD $12 Million Private Placement Financing

Liberty Health Sciences
Posted on: 23 Nov 17

Proceeds to finance expansion of Florida operation and increase production and growing space

TORONTO, Nov. 22, 2017 /PRNewswire/ - Liberty Health Sciences Inc. (CSE: LHS) (OTCBB: LHSIF) ("Liberty" or the "Company") is pleased to announce the closing of a private placement offering of convertible secured debentures ("Notes") for gross proceeds of USD $12 million. Pursuant to the Offering, the Company's wholly-owned subsidiary Liberty Health Sciences Florida Ltd. sold USD $12 million aggregate principal amount of Notes at a face value of USD $1,000 per Note. The Notes bear interest of 12 per cent, payable semi-annually, and mature on November 22, 2020.

"This important financing deal will fund the aggressive expansion plan that we have in place that will see Liberty become one of the largest licensed producers in the State of Florida," said George Scorsis, CEO and Director of Liberty. "As more and more physicians and patients see the tremendous value in cannabis as a viable treatment option, we continue to see immense growth in demand for high quality, clean and safe medical cannabis throughout the state. Aggressively expanding our operation allows us to serve even more patients in need."

The Notes are secured by the assets of Liberty Health Sciences Florida Ltd. including a first priority general security agreement covering all present and future assets of the Florida business and a mortgage over all material real property of Liberty Health Sciences Florida Ltd.

Each USD $1,000 face value of the Notes is convertible at maturity into that number of common shares of Liberty which represents a conversion price of CAD $2.00 per common share unit. The Company has the right to redeem the Notes at a premium to principal in whole or in part at any time prior to maturity, and the Company has a right to force conversion of the Notes into common shares of Liberty at par plus accrued and unpaid interest if the common shares trade at or above CAD$3.00 for ten consecutive trading days, on a volume weighted average basis

For more information on Liberty, please visit www.libertyhealthsciences.com

About Liberty Health Sciences Inc.
Liberty Health Sciences Inc. ("Liberty") is an investor and operator in the medical cannabis market, capitalizing on new and existing opportunities in U.S. states where medical cannabis is legal. Liberty's stringent investment criteria for expansion maximizes returns to shareholders, while focusing on significant near and mid-term opportunities.  Liberty has an extensive background in highly regulated industries, with expertise in becoming a low-cost producer.  Liberty leverages commercial greenhouse knowledge to deliver high-quality, clean and safe pharmaceutical grade cannabis to patients. 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "believe", "plan", "intend", "subject to" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, expectations concerning the Company's expansion plan and expectations concerning the Florida medical marijuana market. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in the United States generally, income tax and regulatory matters; the ability of Liberty to implement its business strategies; competition; crop failure; currency and interest rate fluctuations and other risks.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 27/11/2017

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.