TAMPA, FLA. -- Ppj Healthcare Enterprises Inc. (the “Company”) (OTC Pink: PPJE) announced today that on Dec. 5, 2016, it entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with GPL Ventures LLC (“GPL”). Pursuant to the Securities Purchase Agreement, the Company, at its sole and exclusive option, may issue and sell to GPL, from time to time as provided therein, and GPL may purchase from the Company shares of the Company’s common stock (“Shares”) equal to a value of up to Five Million Dollars ($5,000,000) when the Company has qualified the Shares under Regulation A.
Additionally, on Dec. 5, 2016, the Company issued to GPL a Convertible Promissory Note (the “Note”) in the principal amount of $50,000 as payment of a commitment fee to induce GPL to enter into the Agreements. The Note accrues interest at the rate of five percent (5%) per annum and is due in full on or before Dec. 5, 2017. The Note also prohibits prepayment of the principal. GPL has the right to convert all or any portion of the note balance at any time at a conversion price per share of seventy percent (70%) of the lowest Trading Price during the Valuation Period (as defined and calculated pursuant to the Note), which is adjustable in accordance with the Note terms in the event certain capital reorganization, merger, or liquidity events of the Company as further described in the Note.
“We are very excited to have this investment agreement in place as a primary funding vehicle for the company” said Chandana Basu, CEO of PPJ Healthcare Enterprises. ”PPJE plans to use this initial capital for the growth of our pure cannabis-infused edible business, our medical practice management and billing software and other healthcare service-related business.
“This will be key for us and our investors as we expand the business plan for PPJE to account for industry changes as well as the expansion of legalized medicinal and recreational marijuana use.”
As always, PPJE management advises shareholders, company followers and prospective investors to contact their financial advisors if they have questions or concerns about their individual accounts and investment choices. Regarding other news and events, the company reminds its followers to monitor OTC Markets filings tab for further newsworthy events and corporate updates, which will follow as they happen (http://www.ppjenterprise.com).
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