SpeakEasy Cannabis Club Ltd. (CSE:EASY) announce that it has entered into a binding term sheet for private placement of a secured convertible debenture in the minimum aggregate principal amount of CAD 2,000,000 and up to a maximum principal amount of CAD 3,000,000 on January 21, 2021. The transaction will include participation from an arm's length party. The convertible debenture will mature 24 months from the date of issuance and bear interest at a rate of 18% per annum. The outstanding principal amount and accrued interest thereon will be convertible into common shares of the company at the option of the holder at any time prior to the maturity date at a conversion price of CAD 0.52 per common share. The term sheet contemplates the payment of a termination fee of CAD 100,000 in certain circumstances if either the company or the holder determine not to proceed with the financing. Completion of the transaction is expected to occur on or about February 15, 2021 and is subject to certain conditions including, but not limited to, the entering into of a definitive documentation and all security documentation, the granting of the security and the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange.