GRANTS, NEW MEXICO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or the “Company”) today announced that the Company has engaged an investment bank with vast experience to formally explore a $15.0 million debt financing to drive commercialization efforts forward on the first 20 acres of its recently U.S. Drug Enforcement Agency (“DEA”) reinspected facility.
In the interim, Bright Green has secured a $3.5 million capital commitment under its existing line of credit with Lynn Stockwell. As part of the capital commitment, the line of credit agreement has been amended to include security against the Company’s greenhouse facility and a conversion option whereby all principal and interest is convertible at the lender’s discretion, under similar terms offered to Lynn Stockwell on August 31, 2023 when she previously converted $3.6 million of outstanding debt into shares and warrants. The conversion allows Lynn Stockwell to convert the outstanding principal and interest into shares (the “Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), at $1.15 per Share and receive an accompanying warrant (the “Warrants”) for $0.13 per Warrant to purchase up to an equal number of Common Stock (the “Warrant Shares”) at a price of $3.00 per share. The Company also agreed to extend the term of the previously issued warrants by 3 years, now expiring on the earlier of (i) the 45th day after the closing price per share of Common Stock is $3.00 or greater or (ii) August 31, 2027.
The aforementioned capital commitment will allow Bright Green to pay down existing liabilities and ensures that the Company has funding to take the necessary steps to begin operations at the Grants, New Mexico facility.
ABOUT BRIGHT GREEN CORPORATION
Bright Green is one of the very few companies selected by the New Mexico Board of Pharmacy and the US government for the production, API and drug manufacture, market and distribute Schedule 1-V plant-based drugs API including opium, cannabis and cannabis-related products for research, pharmaceutical applications and affiliated export. Our approval based on already agreed terms from the U.S. Drug Enforcement Administration gives us the opportunity to advance our vision of improving quality of life through the opportunities presented by cannabis-derived therapies and more. To learn more, visit www.brightgreen.us
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management as of such date. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, including but not limited to, the inability of the Company to raise funds under the Company’s EB-5 program, and the impact that new officers, directors and employees may have on the Company and the Company’s business and results of operations. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as amended and supplemented, as well as other documents that may be filed by the Company from time to time with the SEC. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. The Company undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. Additional information regarding these and other factors that could affect the Company’s results is included in the
Company’s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov.
Media Inquiries & Investor Relations Contact
ir@brightgreen.us