Denver, Colorado, December 31, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – CBD Global Sciences, Inc. (OTC: CBDNF) (CSE: CBDN) (Frankfurt: GS3) or “CBD Global” or “the Company”), to announce the completion of a previously announced debt restructuring (August 12, 2021) which includes the drawdown of more than C$9 million in outstanding debt by issuing 8,908,876 common shares at an issue price of $0.1575 per share and 318,688 series a Preferred stock at an issue price of $14 per share.
2,721,721 ordinary shares were issued to service providers controlled by persons with no business relationship for expenses incurred on behalf of the company, and 5,767.15 ordinary shares were issued to MAC5 Mortgage Inc. , a company controlled by persons without a business relationship, working capital debts incurred by the company over the past eighteen months and 420,000 common shares of service providers on commercial grounds have been issued for settlement in connection with the services rendered to the company by consultants and advisory services (referred to as All in the name of “Consultants”). Transactions with the consultants were in the normal course of business and the consideration given was agreed upon by the company and the consultants.
318,688 Series A Preferred Shares were issued to GVC bondholders to draw down principal and interest on over $4 million of outstanding secured notes.
There is a statutory four-month and one-day holding period when these shares are issued in accordance with applicable securities laws.
Brad White, CEO of CBD Global Sciences, said, “Another positive step in the right direction for our company and its investors. I am delighted to see this happen in 2022, a year that will show continued wins for our company!”
ABOUT CBD GLOBAL SCIENCES, INC.
CBD Global Sciences, Inc. , is a hemp-based CBD producer and brand investment vehicle that currently owns two Aethics™ brands (www.aethics.com) and hemp (www.cannaoilshop.com), which include CBD oil tinctures (liquid products), CBD capsules, CBD topicals, moisturizing products and confectionery products. Hemp-derived CBD extracts from CBD Global Sciences are sold through select distributors, brick-and-mortar retailers, and online.
CBD Global Sciences, through its wholly owned subsidiaries, Global Sciences Holdings, Resinosa LLC (www.resinosa.com) and Legacy Distribution Group, (www.legacydistributiongroup.com), offers high-quality CBD products in both retail and e-commerce formats nationwide. Direct Store Delivery (DSD) provides distribution services to numerous sellers of CBD and non-CBD products throughout the Colorado and Wyoming territories currently serving more than 750 department stores and large retail boxes with expansion plans in excess of 5,000 stores in the United States . The next 12-24 months. In addition to Legacy Distribution, it has added its manufacturing division, Resinosa LLC (www.Resinosa.com ), with its capabilities to provide cGMP manufacturing to the CBD industry through both private label and white label CBD and non-CBD product lines.
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Neither the Canadian Securities Exchange nor its regulatory services provider has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Future Information: This news release contains certain “forward-looking statements” made under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding future developments and the Company’s business and operations following the inclusion of the CSE. Forward-looking statements are necessarily based on a number of estimates and assumptions that, although considered reasonable, are subject to known and unknown risks, uncertainties and other factors that could cause actual results and future events to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, general trade, economic, competitive, political and social uncertainty; Delaying or not receiving approvals from the Board of Directors, shareholders or regulatory authorities. Readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.