Promissory notes due May 1, 2016 accompanied by warrants in offering
By Devika Patel
Knoxville, Tenn., May 14 – Advanced Cannabis Solutions, Inc. settled a $200,000 tranche of a $2 million private placement of 10% promissory notes on May 7, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes mature on May 1, 2016 and will be accompanied by 50% warrant coverage. Each warrant is exercisable at $3.30 for one year. The May 7 tranche included 100,000 warrants.
The private Colorado Springs company rents growing space and facilities to licensed marijuana growers and dispensary owners.
| Issuer: | Advanced Cannabis Solutions, Inc.
|
| Issue: | Promissory notes
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| Amount: | $2 million
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| Maturity: | May 1, 2016
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| Coupon: | 10%
|
| Warrants: | 50% coverage
|
| Warrant expiration: | One year
|
| Warrant strike price: | $3.30
|
| Settlement date: | May 7 (for $200,000)
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