Alberta · CCAA
2024-08-08 Affidavit in Support of Initial Order - Part 4 of 5
Affidavit · 8 August 2024
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing2 verified
- secured creditorsnote: Outstanding amount owing under Construction Contracts, secured by the Security, resolved to a remaining balance of $1,200,000.00 as at August 3, 2020 plus further accruing interest at 4% above RBC prime rate; Debt and Security assigned by Chandos Construction Ltd. to JL Legacy Ltd. pursuant to an Assignment Agreement; lien registrations to be discharged within 10 business days of execution and payment of purchase price. · page: 1 · as of: 2020-08-03 · amount: 1200000 · debtor: Freedom Cannabis Inc. · creditor: Chandos Construction Ltd. (Assignor; debt subsequently assigned to JL Legacy Ltd.) · currency: CAD · security: Builders' Lien Act (Alberta) registered liens (Alberta Land Titles Reg. Nos. 202 051 705 and 202 051 706); PPSA Security Agreement registrations 19062141817 and 19062142062; Land Charge (Section 49 Land Titles Act) registration 19062142062
- secured creditorsnote: Debenture assigned absolutely by Everyday People Cannabis Inc. to JL Legacy Ltd. pursuant to Assignment of Debenture dated February 2021, in full and final satisfaction of a $2,000,000 loan made by JL Legacy Ltd. to Everyday People Cannabis Inc. under a Settlement Agreement dated February 2021; Maturity Date January 31, 2022. · page: 9 · as of: Issue Date (January 27, 2020) · amount: 2000000 · debtor: Freedom Cannabis Inc. · creditor: Everyday People Cannabis Inc. (holder of Series 1 12% Convertible Secured Debenture No. 02; subsequently assigned to JL Legacy Ltd.) · currency: CAD · security: Series 1 12% Convertible Secured Debenture No. 2, a secured direct obligation constituting Senior Indebtedness of the Company; Aggregate Principal Amount of the Series 1 Convertible Debenture offering registered up to $10,500,000 (registration ceiling, not a balance)