World Class Extractions Subsidiary Acquires $11.5 Million Senior Secured Convertible Debenture from Aphria for $5,000,000
Debenture is secured against all of the assets of HydRx Farms Inc., a Whitby, Ontario research, cultivation, and extraction facility
VANCOUVER, BC / ACCESSWIRE / October 1, 2020 / World-Class Extractions Inc. (CSE: PUMP) (FRA:WCF) (OTCQB:WCEXF) (the “Company” or “World-Class”), is pleased to announce that its 50%-owned subsidiary, Cobra Ventures Inc. (“Cobra”), has acquired a senior secured convertible debenture of HydRx Farms Ltd. o/a Scientus Pharma (“HydRx”) in the principal amount of CDN$11,500,000, plus accrued and unpaid interest and charges (the “Debenture”) from Aphria Inc. (“Aphria”) (TSX: APH or USOTCQB: APHQF).
The Debenture is secured against all of the assets of HydRx, including its real estate assets consisting of a 45,000 square foot manufacturing and distribution facility located on a 2.3 acre parcel of land in Whitby, Ontario, built to GMP and GPP standards. The Debenture is currently in default.
Rosy Mondin, CEO of World-Class stated: “World-Class is pleased to