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Nemus Bioscience Inc (OTCMKTS:NMUS) Reports Anticipated Equity Financing

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Nemus Bioscience Inc (OTCMKTS:NMUS) has entered into deals with Emerald Health Sciences Inc. including the “Bridge Loan” and a Security Deal. The Bridge Loan offers for total gross proceeds to company of up to $900,000 and is obtained by all of Nemus’ assets. The company obtained proceeds of $500,000 as of the close of December 28, 2017 and the deals offer for the capital of the remaining sum on January 16, 2018, depending on the conditions as per the deal.

The details

Unless earlier exchanged into shares of Nemus, the Bridge Loan has interest at 12% an annum and matures in June 2018. The preliminary conversion price is $0.10 a share of NMUS. Nemus plans to utilize the net proceeds from deal for general corporate purposes, counting, without limitation, to close down certain current dues as mentioned under the Secured Promissory Note as well as other working capital items.

Pertaining to the Bridge Loan, Nemus Bioscience finalized the binding term sheet with Emerald Health Sciences and certain holders of company’s preferred stock that contemplates specific stock purchase deals under which Emerald Health would buy the due preferred stock of Nemus Bioscience of Certain Preferred Stockholders while Emerald Health Sciences would commit to buy or support the purchase from Nemus Bioscience of not less than $2.5 million of shares of company’s common stock at $0.10 a share, and warrants exercisable at $0.10 a share of Nemus.

Upon the completion of such private placement, any sums due under the Bridge Loan would convert to Nemus Bioscience common stock, and together with the completion of the preferred stock acquisition, Emerald Health would hold a majority of the equity stake in Nemus. Instantaneously with such closings the present members of the Nemus Board would appoint Emerald Health nominees to the Board as well as all of the existing members of the Board would subsequently offer their resignation.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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