MIAMI, FL / ACCESSWIRE / June 28, 2019 / Tiger Reef, Inc. (OTC PINK: TGRR) ("Tiger Reef" or the "Company"), an emerging leader in cost-efficient clean energy solutions targeting the CBD and legal Cannabis markets and producer of ultra-premium rums under the Tiger Reef® brand designation, is excited to announce the formal closing of a new financing deal that may ultimately provide the Company with up to $7.6 million in new financial resources.
J. Scott Sitra, Tiger Reef's President and CEO, stated, "After many false starts, delays, and negotiating impasses, it brings me great pleasure to announce Tiger Reef now has the financing to resume full operations and grow into the long-term vision we all share. With this backing, we will prepare to dramatically expand our footprint in the $492 million cannabis clean energy market and finalize documentation for importing our ultra-premium rum products into the $2.7 billion US rum market."
Pursuant to the terms of the new financing deal, GPL Ventures, LLC is providing Tiger Reef with up to $100,000 in new bridge financing with the intent of investing up to a further $7.5 million through a planned Regulation A Offering.
Tiger Reef has already begun deploying bridge funds to retain Get OTC Current, an accounting firm specializing in OTC listed companies, through which the Company has obtained Alternative Current Reporting status. Get OTC Current will remain on retainer to keep Tiger Reef current on an ongoing basis. The Company also used the bridge funding tranche to change its transfer agent to Olde Monmouth Stock Transfer, Inc. and retain legal counsel to prepare and file the planned $7.5 million Regulation A Offering.
Management anticipates that it will take up to another three months to bring the Company to file and have the SEC declare its Regulation A Offering "effective", after which the Company will use the Reg A proceeds to:
"It's extremely exciting to finally have this deal nailed down," continued Mr. Sitra. "This paves the way for an aggressive path forward for Tiger Reef, and I truly look forward to sharing the Company's milestone achievements with our dedicated shareholders as we significantly ramp up operations over coming weeks and months."
About Tiger Reef - Tiger Reef, Inc. is a developer and operator of solar and clean renewable energy projects focused on reducing overall energy costs and the carbon footprint for Cannabidiol (CBD) producers and legalized marijuana growers. Tiger Reef also has developed a line of ultra-premium rums under the Tiger Reef® brand.