Global Canna Labs Limited announced that it has entered into a letter of intent with new investor LGC Capital Ltd. (TSXV:LG) for a private placement of secured convertible debenture for gross proceeds of CAD 2,500,000 on January 26, 2018. The debenture carries a coupon of 7% per annum and would mature in 48 months from the date of closing. The note is convertible into 30% ownership interest of the company. The due diligence will be completed by February 15, 2018 and will enter into definitive agreements by February 25, 2018. The transaction is subject to regulatory approval, including the TSX Venture Exchange approval.