Christina Lake Cannabis Corp. announced that it has completed a non-brokered private placement of unsecured convertible debentures of gross proceeds of CAD 810,000 on September 7, 2022. The debentures will mature thirty-six months from the date of issuance and bear interest at the rate of 15% per annum, with such interest to be accrued on a monthly basis and paid on a semi-annual basis.

In connection with the issuance of the debentures, the company issued an aggregate of 405,000 bonus warrants to the subscribers of the Offering. Each subscriber received one half of one Bonus Warrant for each CAD 1 subscribed under the offering. Each Bonus Warrant is exercisable until December 31, 2024 to acquire one additional common share per Bonus Warrant at an exercise price of CAD 0.20 per share.

All securities issued pursuant to the offering are subject to a statutory four-month and one day hold period from the date of issuance pursuant to applicable securities laws of Canada.