Christina Lake Cannabis Announces Financing

VANCOUVER, British Columbia, April 23, 2025 (GLOBE NEWSWIRE) -- Christina Lake Cannabis Corp. (the “Company” or “CLC” or “Christina Lake Cannabis”) (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) the Company is pleased to provide details regarding a proposed non-brokered private placement.

The Company announces that it intends to complete a non-brokered private placement with gross proceeds of up to $2,500,000 (the “Offering”). The Company will be issuing units ("Units") at a price of $0.05 per Unit, with each Unit consisting of one common share in the capital of the Company (the “Shares” and each a "Share") and one half of one common share purchase warrant (each whole warrant a "Warrant"), exercisable for a term of 60 months at a price of $0.065 per Share. The Offering may include debt settlements for outstanding obligations of the Company.

The first tranche of the Offering is expected to close on or about April 30, 2025, or such other date or dates that the Company may determine, subject to the receipt of all required regulatory approval, including acceptance of the CSE. All securities issued in connection with the Offering will be subject to a hold period of four months and one day from the closing date, in accordance with applicable Canadian Securities laws.

Proceeds from the Offering (other than the amount in connection with debt settlements) will be used towards construction of a new secured storage facility on premises, equipment purchases, and for general working capital purposes.

Certain directors and officers of the Company may acquire Units under the Offering. Such participation will be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61- 101"). The Company anticipates relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(b) and 5.7(1)(b), respectively, of MI 61-101, as neither the fair market value of the Units to be acquired by the participating directors and officers nor the consideration to be paid by such directors and officers is anticipated to exceed $2,500,000.