SLANG Worldwide Inc. (OTCMKTS: SLGWF) has announced term-loan financing with Trulieve Cannabis Corp (OTCMKTS: TCNNF) and two current important shareholders of the company Seventh Avenue Investments and Pura Vida Investments, for an aggregate of $17.3 million.
SLANG receives a loan of $17.3 million
According to terms of the loan transaction, Trulieve, Seventh Avenue, Pura Vida, and other investors will give the company an initial loan amount of $17.3 million that is subject to an original issue discount of 3% with a term of three years and PIK interest rate of 9.75% that will be compounded quarterly. In total, SLANG will pay lenders around $3.6 million at maturity date and any initial loan amount prepayment. In addition, lenders can convert any loan amount before the maturity date into SLANG common shares at $0.1273 per share.
Trulieve CEO Kim Rivers said, “Our investment in SLANG underscores the success of our strategic partnership, as well as our commitment to providing the trusted and reliable brands our customers rely on. Since beginning our exclusive partnership in Florida, we have been able to bring SLANG to additional markets, expanded into wholesale, and now look forward to continued growth at scale and mutual success as we strive to provide our customers with the highest-quality products and unparalleled experience they can expect at Trulieve.”
McManigle appointed interim CEO of SLANG
The company’s board announced the appointment of Drew McManigle as the interim CEO and Chairman of the Board to succeed Chris Driessen following his Departure as CEO of SLNAG. McManigle also succeeded Peter Millers as the Board Chairman.
Chairman and interim CEO Dre McManigle said, “I’m excited about the opportunity to lead SLANG and further develop its established operating platform in the cannabis industry. My focus is on assuring SLANG is both operating efficiently and profitably capitalizing on new growth opportunities. Our top priority is the evolution of SLANG and its strategic positioning. The concurrent financing round represents a vote of confidence from a leading industry partner, Trulieve, and two of our largest shareholders, Pura Vida and Seventh Avenue.”
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