In a press release today, 20th June 2019, Asterion Cannabis Inc. announced they and their subsidiary Asterion Australia have entered into an equity participation agreement with Wellcamp Business Park Pty Ltd. Wellcamp Business Park being an affiliate of Wagners Properties Pty Ltd.
The agreement gives Wagners the ability to settle a portion of some invoices for goods and services for common shares in the capital of Asterion. Wellcamp can choose to take shares up to 10% of the invoice value, and up to 100% with approval by Asterion.
“As Wagners and Wellcamp are expected to play an important role in the construction and development of the Toowoomba Project, we are pleased to be offering Wellcamp this equity participation option which is intended to provide Asterion with additional equity financing and offer Wellcamp the opportunity to share in the success of Asterion going-forward.” said Stephen Van Deventer, Asterion’s Chairman and CEO.
The Toowoomba Project is to be located close to the Toowoomba Wellcamp Airport, Queensland’s only dedicated 747-F international freighter service. The project will include a research centre and manufacturing facility as well as a 40 hectare state-of-the-art greenhouse for cultivation and processing of cannabis. The development will be one of the largest greenhouse facilities globally.