TORONTO, ONTARIO--(Marketwired - Sept. 7, 2016) -
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Namaste Technologies Inc. ("Namaste" or the "Company") (CSE:N)(FRANKFURT:M5BQ) reports that it has issued a convertible unsecured note (the "Note") to an arm's length lender (the "Lender") for an aggregate principal amount of $400,000 in accordance with the terms of a subscription agreement.
The term of the Note is for an initial 90 days with an option to extend for up to 2 years. The Company will issue the Lender an initial 100,000 common shares of the Company and an additional 100,000 common shares of the Company for each 90 days the Note is outstanding. The Note is redeemable at any time during the initial 90 day term by making a payment equal to the principal amount of the Note. If the Company elects to exercise the extension option, the Lender will be issued an additional 550,000 common shares of the Company and the note shall be redeemable at a ten-percent (10%) premium to the principal amount of the Note. At the option of the Lender, the principal amount of the Note is convertible into common shares of the Company at a conversion price of $0.15 per common share. All common shares issued pursuant to the Note shall have a four month plus one day hold period. The proceeds will be used by the Company for the purposes of inventory expansion, commercialization of new products, and general corporate purposes.
About Namaste Technologies Inc.
Namaste Technologies Inc. is an emerging leader in vaporizer and accessories space. Namaste has over 30 e-commerce retail stores in 20 countries, offers the largest range of brand name vaporizers products on the market and is actively manufacturing and launching multiple unique proprietary products for retail and wholesale distribution. The Company is currently focused on expanding its product offering, acquisitions and strategic partnerships, and entering new markets globally.
On behalf of the Board of Directors
Sean Dollinger, Chief Executive Officer
Further information on the company and its products can be accessed through the link below:
FORWARD LOOKING INFORMATION
This press release contains forward-looking information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions. Namaste assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The CSE has neither reviewed nor approved the contents of this press release.