CBD Global Sciences Announces Retirement of Over $9 Million in Outstanding Debt
DENVER, CO - (NewMediaWire) - December 31, 2021 - CBD Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt:GS3), “CBD Global” or the “Company”), is pleased to announce the completion of its previously announced (August 12, 2021) debt restructuring involving the retirement of over CDN$9 million in outstanding debt through the issuance of 8,908,876 Common Shares at an issue price of $0.1575 per share and 318,688 Series A preferred shares at an issue price of USD$14 per share.
2,721,721 of the common shares were issued to service providers controlled by non-arm’s length persons for expenses incurred on behalf of the Company, 5,767,155 of the common shares were issued to MAC5 Mortgage Inc., a company controlled by non-arm’s length persons, for working capital debt incurred by the Company over the past 18 months and 420,000 common shares were issued to arm’s length service providers for settlement in respect of services provided to the Company by consultants and for consulting services (collectively, the “Consultants”). The transactions with the Consultants were in the normal course of business and the consideration provided was agreed to by the Company and the Consultants.
318,688 Series A preferred shares were issued to holders of GVC notes for retirement of outstanding principal and interest accrued on over USD$4MM in outstanding secured notes.
A statutory hold period of four-months and one day is in place on the issuance of these shares in accordance with applicable securities laws.
Brad Wyatt, CEO of CBD Global Sciences, said, “Another positive step in the right direction for our Company and its Investors. I am pleased to see this happen going into 2022, a year that will demonstrate continued wins for our Company!”
ABOUT CBD GLOBAL SCIENCES, INC.
CBD Global Sciences, Inc., is a hemp-based CBD producer and branding investment vehicle which currently owns two brands, branded under the name Aethics™ (www.aethics.com) and CANNAOIL (www.cannaoilshop.com), which include CBD Oil tinctures (liquid products), CBD capsules, CBD topicals, Hydration products and Confectionary products. CBD Global Sciences hemp-derived CBD extracts are sold through select distributors, brick and mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC (www.resinosa.com) and Legacy Distribution Group, (www.legacydistributiongroup.com), is delivering quality CBD products both in a retail and e-commerce formats nationwide. The Direct Store Delivery (DSD) provides distribution services for multiple vendors of CBD infused products and non-CBD products throughout the Colorado and Wyoming territories that are currently servicing over 750 C-store and large box retailers with expansion plans to exceed 5,000 stores in the next 12-24 months. In addition to Legacy Distribution it has added a manufacturing division, Resinosa LLC (www.Resinosa.com ), with its capabilities to provide cGMP manufacturing to the CBD industry with both private label and white label CBD and non-CBD product lines.
For further information, please contact Investor Relations at 720-881-2541 or email firstname.lastname@example.org
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future developments and the business and operations of the Corporation after the CSE listing. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties; and delay or failure to receive board, shareholder or regulatory approvals. Readers should not place undue reliance on forward-looking statements. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.