DENVER, CO / ACCESSWIRE / December 12, 2016 / United Cannabis Corporation (OTCQB: CNAB) (the "Company" or "United Cannabis") today announced it has retired a $600,000 Note payable to Sláinte Ventures, LLC , and that Sláinte has purchased 104,939 shares of the Company's common stock for $100,000.
On December 18, 2014, the Company issued a $600,000 unsecured promissory note bearing interest at 12% to Sláinte.
The note was subsequently amended such that:
- with the agreement of the Company, the note could be converted into shares of the Company's common stock; and
- a warrant in lieu of interest due on the loan was issued to Sláinte. The warrant is exercisable at a price of $0.18 per share and can be exercised at any time during the five year period ending on November 30, 2021.
Sláinte Ventures has since converted the entire principal amount of the Note into 594,540 shares of the Company's common stock
The number of shares to be issued upon a conversion of the note was determined by dividing the dollar amount of the principal to be converted by the Conversion Price. The Conversion Price was 70% of the average closing price of the Company's common stock for the ten business days immediately preceding the date of the Conversion.
Earnest Blackmon, United Cannabis' Chief Executive Officer, commented on the announcement, "We have been working hard to improve the strength of our financials and retiring this Note is an important milestone. We have also made progress on a number of strategic initiatives - including our projects in Jamaica, Puerto Rico, the Megan Strong Foundation, and the creation of a formal Advisory Board - all of which leave us well positioned to start 2017 on solid footing, and gave Sláinte the confidence to build its equity position in the Company."
About United Cannabis Corporation
The Company's Prana Bio Medicinal products provide patients a way to mix/match cannabinoids for therapeutic purpose. These products, licensed to regulated marijuana dispensaries, are broken into 5 categories that are available in capsules, sublinguals, and topical delivery methods. The Company uses a patent-pending infusion process utilizing select fatty acids, lipids, and specific combination of cannabis derived terpenes to increase bioavailability.
For further information, please visit www.unitedcannabis.us.
Contact: [email protected]
Phone: 303-386-7321
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbors, created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
SOURCE: United Cannabis Corporation