Alumifuel Power Corp (OTCMKTS:AFPW) reported that it is in final phases of talks with a private investor and its majority debt holder for the acquisition and after retirement of considerably all of the firm’s unpaid convertible debt.
The fim’s majority note holder has accepted in principle, to offer its debt to a qualified investor. Alumifuel anticipates the shareholder to finalize a structured acquisition plan of its unpaid convertible debt by May 12, 2017. It expects the shareholder will infuse new funds into the business via acquisition of a combination of long-term debt and preferred stock.
Ryan Schadel, the CEO of Alumifuel, reported that it is a big development for the firm. The task that has been done in the preceding 90 days is beginning to pay off. Getting all entities together on this acquisition will create an immense positive impact on the firm’s cost of capital and its capability to implement on the different acquisition opportunities they have sourced. They look forward to closing this deal as they commence a new chapter for company and its shareholders.
Earlier Alumifuel reported that it has entered into talks, through an unrelated third party, for the operation and launch of a cannabis cultivation facility. The firm, through an intermediary, is in discussions to establish a cannabis cultivation facility in California. It is planning to lease a 20 light, indoor grow operation.
Based on material the firm has obtained, the turn key facility can produce 250 pounds of high quality medical grade pot annually. Finalizing of the lease deal for the grow facility is projected to coincide with the completion of the previously reported projected acquisition of Meds R US, an unrivaled cannabis dispensary in CA. The firm considers that operating a dispensary together with a grow facility will improve cash flow and provide other advantages accompanied with being vertically integrated.