Bhang Inc. has entered into a debt settlement agreement with an arm's length lender to settle $100,000 in debt, plus interest.
Under the agreement, Bhang will make cash payments to the lender, in installments of $20,000 and C$2,500 on each of the following dates: March 31, May 1, May 31 and June 30.
The company will issue 2,113,503 subordinate voting shares in the capital of Bhang, representing a price of C$0.025 per settlement share. Bhang will also issue 100,000 share purchase warrants of Bhang exercisable at a price of C$0.05 per subordinate voting share, for a period of one year from the date of issuance.
Bhang has offered a portfolio of premium brands for over a decade. With roots in master chef-created chocolate and cannabis edibles, Bhang continues to grow as a global consumer packaged goods company.