NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
VANCOUVER, British Columbia–(BUSINESS WIRE)–Sproutly Canada, Inc. (CSE: SPR) (OTCQB: SRUTF) (FSE: 38G) (“Sproutly” or the “Company”) announced today that the Company and Infusion Biosciences Inc. (“Infusion”) have entered into agreements to extend the maturity dates of both the $1 million private loan issued by Infusion to the Company on January 28, 2020 (the “January Infusion Loan”) and the $855,000 private loan issued by Infusion to the Company on August 27, 2020 (collectively with the January Infusion Loan, the “Infusion Loans”) by six months.
The January Infusion Loan is evidenced by a secured convertible debenture which provides Infusion with the right to convert the principal and accrued interest on the January Infusion Loan into units of the Company at a conversion price of $0.07 per unit. Each such unit is comprised of one common share of the Company and one common share purchase warrant of the Company, with each such warrant convertible into one common share of the Company at an exercise price equal to $0.08 per share for a period of two years from the date of issue.
The Infusion Loans and the secured convertible debenture evidencing the January Infusion Loan were originally due to mature on October 24, 2020 and have each been extended to a maturity date of April 24, 2021.
For additional details regarding the Infusion Loans, please refer to the Company’s news releases dated January 28, 2020 and August 27, 2020, each of which are available on the Company’s SEDAR profile at www.sedar.com.
About Sproutly Canada, Inc.
Sproutly’s core objective is to become the leading supplier of unique ingredients and customized formulations to the cannabis beverage and edibles market. Our water-soluble Infuz2O and BioNatural Oils will deliver revolutionary brands to international markets that are striving to produce differentiated consumer products. Sproutly’s business focus is to execute on partnerships with local and globally established consumer brands to leverage their existing customer bases, further expand brand loyalty, assist with marketing, and support distribution networks to deliver this scientific breakthrough with speed and efficiency worldwide.
For more information on Sproutly, please visit: www.sproutly.ca.
Dr. Arup Sen, Chief Executive Officer and Director of Sproutly Canada, Inc.