Vancouver, British Columbia--(Newsfile Corp. - November 2, 2015) - True Leaf Medicine International Ltd. (CSE: MJ) (FSE: TLA) has entered into a loan agreement with First Pacific Enterprises Inc. (the "Lender") whereby the Lender has agreed to lend True Leaf CAD $60,000 (the "Loan"). First Pacific Enterprises Inc. is owned by Darcy Bomford, True Leaf`'s CEO.
The Loan will become due and repayable by the Borrower to the Lender on April 30, 2016 (the "Due Date"). The Borrower will pay interest to the Lender on all amounts advanced by the Lender at an interest rate of 10%.
The Lender has the right to elect to convert all or any portion of the Loan into units at the conversion price of $0.105 per unit. Each half warrant will entitle the Lender to purchase one-half warrant at an exercise price of $0.15 for two years following the date of issuance of the warrants.
The Loan will be used to increase the production of True Leaf's hemp-based pet supplements in Canada.
About True Leaf Medicine International Ltd:
True Leaf Medicine International Ltd. is entering the $60 billion pet industry with a line of hemp-focused pet chews and supplements marketed through natural pet health and veterinary channels in Canada and the US. The company has also filed an application under Health Canada's Marihuana for Medicinal Purposes Regulations (MMPR) to become a Canadian licensed producer. It has passed through the preliminary and enhanced screening process of Health Canada's review and is currently awaiting security clearance.
Contact:
Paul Sullivan
BreakThrough Communications
O: 604-685-4742
M: 604-603-7358
Source: Maven Brands Inc.