Friday Night Inc. Enters Land Purchase Agreement To Further Expand Nevada Operations And Raises 5 Million Through Warrant Exercise
VANCOUVER, BC / ACCESSWIRE / January 2, 2018 / Friday Night Inc. (Friday Night) (CSE: TGIF) (FWB: 1QF) (OTCQB: TGIFF) is pleased to announce that it has entered into a land purchase agreement to acquire an additional 2.78 acres of land connected to the location that will host Alternative Medicine Association's new cultivation facility.
John Goss, President of the Company's wholly-owned subsidiary in Nevada, FN Management Services, completed the negotiations to acquire 2.78 acres of raw land directly connected to the Company's planned new cultivation site in Las Vegas, Nevada. John Goss commented, "This will allow Friday Night to expand its cultivation center in phases and can accommodate an additional 150,000 sq. ft. of cultivation space as more supply is needed in the rapidly expanding Las Vegas market. It would also allow us to expand our existing production and extraction facilities if desired. This is a great investment in our future in this market."
The purchase price for the 2.78 acres of land in unincorporated Clark County is for $834,000 (USD). All documents have been signed and the escrow has been opened with a $25,000 (USD) earnest money deposit. The terms provide for a closing within 85 days or sooner.
The Company also announces that approximately $5 million has been raised over the last 2 months through the exercise of existing warrants, most of which were exercisable at $0.30 per share. The Company estimates that there is another $4 million in funds that will potentially come in on additional exercises. Approximately $2 million of the total $5 million in debentures have chosen to convert their principal into shares at a rate of $0.25 per share. The Company notes that it is in a position to accelerate the expiry date and force conversion of the remaining warrants and debentures, but if the current rate of exercises continues, it does not anticipate having to do so.
About Friday Night Inc.
Friday Night Inc. is a Canadian public company, which owns and controls cannabis and hemp-based assets in Las Vegas Nevada. The company owns 91% of Alternative Medicine Association, LC (AMA), a licensed medical and adult-use cannabis cultivation and production facility that produces its own line of unique cannabis-based products and manufactures other third-party brands. Infused MFG, also a 91% owned subsidiary, produces hemp-based, CBD products, thoughtfully crafted of high quality organic botanical ingredients. Friday Night Inc. is focused on strengthening and expanding these operations within and outside of the state.
For further information please contact:
Joe Bleackley, Corporate Communications
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice regarding Forward Looking Statements: This news release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. 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 news 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. Friday Night undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law or the Canadian Securities Exchange.
SOURCE: Friday Night Inc.