Silo Wellness (OTCQB:SILFF), a publicly-traded company that offers psychedelic retreats in Jamaica, has announced that the investing firm Alpha Blue Ocean has managed a CA$5,950,000 (around $4,720,000) financing arrangement for the company. Silo entered a subscription agreement with an investment fund (managed by Alpha Blue Ocean) that provides for the issuance of convertible debentures.
The subscriber is committed to funding the company up to CA$5,950,000, by subscribing to a CA$7,300,000 aggregate principal amount of convertible debentures in twenty tranches, each in the aggregate principal amount of CA$350,000.
The convertible debentures will be convertible at the closing price of the Common Shares on the CSE, or at CA$0.05. 41,650,000 warrants exercisable at $0.05 will be attached to the first tranche.
“This new capital will allow us to strengthen our balance sheet and focus on shareholder value creation through the expansion of our business model,” commented Douglas Gordon, Silo Wellness' CEO. The proceedings of the subscription are intended to go to the non-psychedelic, functional mushroom’s Marley One brand.
Photo: Courtesy of Marco Allegretti on Unsplash
