MPX International’s Thailand Subsidiary Closes US$10 Million Financing and Provides Project Update

CANNANNEW REPORT

  TORONTO, ONTARIO, and BANGKOK THAILAND – TheNewswire – October 4, 2021 – MPX International Corporation (CSE:MPXI) (CNSX:MPXI.CN) (OTC:MPXOF) (“MPX International”, “MPXI” or the “Corporation”), a multinational diversified cannabis company, and its subsidiary, Salus International Management Ltd. (“SIM”), a management company currently focussed on operations in Southeast Asia, are pleased to announce that SIM has completed its US$10 million (C$12,748,000) private placement (the “SIM Financing”) which is being used to complete the build-out, acquire equipment and commence operations of a state-of-the art, EU-GMP-compliant cultivation, extraction, processing, testing and packaging facility capable of extracting 750 kgs of biomass and producing 30kgs of CBD/THC distillate/isolate each day.   SIM has entered into a management agreement with Salus Bioceutical (Thailand) Co. Ltd. (“Salus Thailand”), a Thailand-based medical cannabis company jointly owned by SIM and a consortium of Thai business people, whereby it is providing design, construction and technical support services, and ongoing management support of the project in exchange for management and other fees for the provision of its services. SIM’s partners in Salus Thailand consist of a consortium of Thai business people who will play an active role in government relations, negotiation and maintenance of supply relationships with medical and commercial institutions throughout the country and will be working closely with the Rajamangala University of Technology Isan Sakonnakhon Campus (the “University”) and Sarapee Community Enterprise Green and Clean (the “Community Enterprise”) to ensure optimal benefits to local interests within Chiang Mai province.   The extraction/distillation structure includes a uniquely-designed, highly-automated, computer-monitored mobile extraction unit designed by Canada-based extractX Inc. incorporating the most modern extraction and distillation equipment and processes. The Board of SIM believes  the facility will be capable of producing more CBD/THC distillate and isolate than any current or near-term potential competitor and at a much lower cost per unit than producers employing conventional extraction methods. The extractX unit was specially configured for the Thailand facility, has already been installed in the Chiang Mai…

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Source : MPX International’s Thailand Subsidiary Closes US Million Financing and Provides Project Update

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