Growlife, Inc. announced that it expects to receive $1 million in funding from Chicago Venture Partners, L.P.
January 08, 2017
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Growlife, Inc. (OTCPK:PHOT) announced that it has entered into a securities purchase agreements for private placement of an unsecured convertible promissory note with existing investor, Chicago Venture Partners, L.P. for gross proceeds of $1,005,000 on January 9, 2017. The note will bear interest at a rate of 10% per annum, until the full amount of the principal and fees has been paid. The note shall be due and payable on the date that is 12 months after purchase price date. The transaction will take place in tranches. The company will receive $1,105,000, including $100,000 original issue discount, in its first tranche closing and nine additional tranches, initial Tranche in an amount equal to $115,000.00 and any interest, costs, fees or charges accrued thereon or added thereto under the terms of this note, nine additional tranches, each in the amount of $110,000.00, plus any interest, costs, fees or charges accrued thereon or added thereto under the terms of this note. The company will provide an original issue discount of $100,000 and $5,000 to cover investor’s legal fees, accounting costs and other transaction expenses. The notes are convertible into common shares at a price of $0.009 per share.
GrowLife, Inc. is focused on functional mushroom business opportunities. The Company intends to service its existing distribution channel and build on opportunities in the medicinal mushroom industry.