Citation Growth Corp (OTCMKTS:CGOTF) divested 13-acre property comprising buildings and land for $2.5 million.
Erik Anderson, CEO of Citation said, the company sold its non-core assets in Washington as part of its strategic decision and focus on the markets in California and Nevada. The company holds a cannabis cultivation license in Washington. Citation will either optimize its license or divest totally.
Extends Letter of Intent
Citation extended LOI entered with Indigenomix on April 15, 2020, to sell its Celista, British Colombia based 40 acres property comprising land and buildings. It is on the backdrop of delays caused due to ongoing coronavirus crises. The company expects to close the transaction on or before July 31, 2020.
Richard Huhn will assist the transition of Celista assets
Richard Huhn resigned from Citation’s board. He will act as head of cultivation and perform operational chores. Richard will also ensure a smooth transition of the Celista assets Indigenomix.
Richard played a vital role in converting the Apex facility into improved organic growing methodologies at Celista. The two rooms at the North Las Vegas facility is already changed into new grow lights. Erik said Richard put in significant efforts as a board member to take the company forward. Kevin Cornish, CFO, will replace Richard as a board member.
Mobilizes $589,608 through private placement
As the second and final tranche of mobilization, Citation collected funds of $589,608 by privately placing 3.93 million units at $0.15/unit. With this funding, the company collected a total of $1.007 million. One unit comprises one warrant and also one common share. The warrant holder is entitled to buy one common share at $0.022 per share within eight months that expires on October 24, 2021. Citation will use the proceeds of this private placement for working capital.
Some officers and directors of the company acquired units offered through this private placement. It is called a related party transaction, as mentioned under 61—101 multilateral instruments.
Citation also mobilized funds of $100,000 as a short term loan at 20% from management members. The company needs to repay the short term loan within one year. It will use the proceeds obtained through this loan for working capital requirements.
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