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Andina Gold Corp. is rebranding to align with its new focus on cryogenic precision capture systems. The subsidiary, previously General Extract, LLC, is now named CryoMass LLC, following its acquisition of assets from CryoCann USA Corp. The Company aims to commence field-testing of the CryoCann 500 CF system by Q4 2021 and plans for commercialization in early 2022. A name change to CryoMass Technologies Inc. has been proposed, pending FINRA approval. This technology intends to enhance efficiency in cannabis and hemp processing, with potential applications in other high-value industries.
Andina Gold Corp. announced the completion of a non-brokered private placement, raising $4.9 million from accredited investors. Each Unit, priced at $1,000, consists of a term note convertible into shares at $0.20 per share and a warrant for 5,000 shares at $0.40 per share. This funding will be used to acquire CryoCann USA Corp assets and boost working capital. CEO Christian Noel emphasized strong investor interest in CryoCann technologies, suggesting a potential shift in branding and development strategies.
Andina Gold Corp. has completed the acquisition of CryoCann USA Corp's assets, including significant intellectual property related to cannabis processing technology. The deal, valued at $3.5 million in cash and 10 million shares, enables Andina to utilize CryoCann's patented processes for efficiently extracting essential compounds from hemp and cannabis plants. The technology supports higher purity and cost-effectiveness, with potential applications in biopharmaceuticals and specialty foods. Two principals from CryoCann have joined Andina's management team to drive innovation.
