VANCOUVER, British Columbia, May 02, 2019 (GLOBE NEWSWIRE) -- Redfund Capital Corp (CSE: LOAN) (Frankfurt: O3X4) (OTC: PNNRF) (Redfund or the “Company”) is pleased to announce the signing of a promissory note between the Company and the Cannabis Mercantile Exchange ("Cannamerx"), one of the first cannabis and hemp auction platforms to go live. The Company’s intention is to finance the Cannamerx business model and build their global footprint of clientele.
The Cannabis Mercantile Exchange ("Cannamerx") is the first fully automated B2B international auction platform for wholesale cannabis, cannabis products, as well as hemp and hemp products. There are more than 80 Canadian Licensed Producers, and a growing number of licensed farmers, processors, labs, and manufacturers from around the world. Cannamerx can also manage supply agreement auctions and has successfully concluded auctions for agreements on nearly 25,000 kg of dried flower and flower equivalent since June 2018. Additionally, the Cannamerx automated spot auction platform for wholesale cannabis and hemp products is redefining how cannabis and hemp are traded as commodities. (Cannamerx)
Under the agreed to terms, Redfund Capital and Cannamerx, a Canadian corporation, have signed a 2-year convertible note on May 1st 2019 for CDN $1.5 million at a annual interest rate of 10%. The Company has agreed under the terms of the Note, that Redfund will be in compliance with Cannamerx’s standing neutrality policy. The Company may not have investments in any corporate entity that is eligible to trade through Cannamerx. The Company shall have 90 days to divest itself of such a stake, or transfer the Note to an entity that is compliant with the foregoing.
“Cannamerx has increased their client-base almost 30% since our first meetings in March 2019; 57 clients to over 80. They have added hemp biomass and hemp products and the new automated spot auction ability for their traders, making it the go-to global cannabis exchange. Redfund’s focus has been to align ourselves with trailblazers in the sector and help incubate and accelerate and advise our portfolio clients as they build their valuations and grow their revenues. The Redfund team is excited to welcome Dietwald, Sergey, and Michel and help build their brand together,” stated Meris Kott, CEO, Redfund Capital Corp.
“We are very excited about this deal. It is a model, that allows us to accelerate our global expansion,” said Dietwald Claus, founder and CEO of Cannamerx. “In Redfund, we have found a partner who understands our vision of how cannabis and hemp will be traded as global commodities, and respects our strategy and approach to business. From the beginning it was important to us to not only provide an easy-to-use, low-cost, and secure trading platform for the global cannabis and hemp industry, but to also be completely neutral and able to treat all our participants fairly. This deal with Redfund allows us to continue this approach.”
About Redfund Capital
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, healthcare-related target companies.
For further information please visit www.redfundcapital.com
For more information on Redfund Capital contact
Meris Kott CEO 604.484.8989
Or info@redfundcapital.com
Further information about the Company is available on www.SEDAR.com under the Company’s profile.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained in this release may constitute “forward–looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.