Emblem Corp. and GreenSpace Brands Inc. Complete Investment and Execute Supply Agreement

Published: August 9, 2018

Emblem Corp. and GreenSpace Brands Inc. Complete Investment and Execute Supply Agreement

Emblem Corp. and GreenSpace Brands Inc. has announced that Emblem has completed its previously-announced $2 million investment in GreenSpace, and the parties have entered into a five-year exclusive cannabis supply agreement.

As announced by way of press release dated August 1, 2018, Emblem has completed its $2 million investment in GreenSpace, consisting of $1 million in common shares at a price of $0.976 per share and $1 million in principal amount of unsecured convertible debentures to fund the start-up of GreenSpace’s cannabidiol business.

The debentures will mature on August 9, 2023 and will automatically convert into common shares of GreenSpace upon the satisfaction of certain conditions (each, a “Milestone”) at a conversion price equal to the lesser of: (i) $1.05; and (ii) the twenty (20) day volume-weighted average price of the common shares on the TSX Venture Exchange (the “Exchange”) on the date the applicable Milestone is achieved, provided that the conversion price shall not be less than $0.94 and that the automatic conversion will be deferred if the market price is less $0.752 on the Exchange at closing on the day immediately prior to the date the Milestone is met. Emblem will earn a 4% royalty on all hemp-based product sales and a 7% royalty on all cannabis-based CBD product sales.

In addition to the Emblem investment, GreenSpace has also completed its previously announced $1 million strategic equity investment from a key supplier.

The securities issued herein are subject to a four-month statutory hold period. The common shares issued are also subject to a six month contractual hold period, commencing on the date hereof.

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