LONDON, Nov. 2, 2023 /PRNewswire/ -- The net proceeds from the Facility will be used to:
- Accelerate the Company's cultivation plans.
- Move to an increased cultivation area.
- Execute its sales strategy in line with the Company's ambitious growth plans.
The facility provides for each tranche of funds drawn down to be repayable within 12 months of drawdown in accordance with an agreed repayment schedule. A First Advance of $450,000 has been made available immediately, with a Second Advance of US$300,000 which may be drawn down by Hellenic Dynamics within the next 150 days.
Davinder Rai, CEO of Hellenic Dynamics, commented:
"Having an institutional investor grant a 3-year facility of up to US$3 million to the Company for its next stage of expansion further to completion of phase 1 of its operations, allows the Company to move forward with its expansion plans. The splitting of the First Advance and the Second Advance provides capital optionality for the Company, and the granting of warrants at a 40% premium to the applicable Reference Price shows confidence from the Lender in the Company. I look forward to updating the market on our progress in due course."
About Hellenic
Founded in 2019, Hellenic Dynamics is specifically focused on the cultivation and supply of THC ("tetrahydrocannabinol") - dominant strains of medical cannabis flowers, destined for the growing medical cannabis markets across Europe. Hellenic Dynamics' core strategy is to develop and operate its 40,000 square metre active cultivation licence from its 195,506 square metre facility located near Thessaloniki in Northern Greece. In full production, Hellenic Dynamics is capable of producing over 54,000 kg of dried flowers per annum.
About RiverFort
RiverFort Global Capital, is a London-based institutional investor that manages a pool of funds from HNWI, family offices, and other UK-based institutions. We specialise in providing equity-line facilities and debt venture capital investments into listed companies that we consider to be high growth.
Media Contact:
Aston Lester
aston.lester@riverfortcapital.com
+447769293163
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