VICTORIA – Green Sky Labs Inc. announced that it has signed an agreement with GEM Global Yield LLC SCS, a private alternative investment group, to provide GSL with a share subscription facility of up to $20 million for a 36-month term following the public listing of the Company’s common stock pursuant to GSL’s previously announced qualifying transaction with Nurcapital Corporation Ltd. GSL will use the funds to strengthen its business by providing the financial resources to develop its business segments and markets as well as to incubate further technologies.
The share subscription facility will allow GSL to draw down funds by issuing shares of GSL’s common stock to GEM (or such persons as it may direct) and subject to share lending arrangement(s) being in place.
GSL will control the timing and the size of such drawdowns. Concurrent with a public listing of GSL’s shares, the Company will issue warrants to GEM to purchase up to seven point eight (7.8 per cent) of the outstanding common stock of the Company on a fully diluted basis. There can be no guarantee that the Company will achieve a future public listing in the near future, or at all.
“This agreement with GEM helps to secure funding for continued growth and development of the Company as we continue to bring innovative technologies to our key business segments,” stated Rehan Huda, CEO of GSL. “We are excited to be working with GEM and their excellent team and look forward to achieving significant milestones in 2021 as we move forward with our business strategy and take advantage of the opportunities that are available to the Company.”
SOURCE Green Sky Labs Inc.