REFI issues 4.3M shares for $62.5M in second-lien notes on 32 cannabis retail properties

Chicago Atlantic Real Estate Finance, Inc.

Issued 4,306,754 shares at $14.53/share to Koach for $62.5M in second-lien notes secured by 32 retail properties leased to cannabis operators.
Notes bear 12% interest (10% cash, 2% PIK), weighted avg maturity ~12 years, exit fee 2.5x commitment.
Shares represent ~16.8% of outstanding post-issuance; lock-up: 20% for 3 months, 80% for 6 months.
Transaction permitted under pending merger with LIEN; exchange ratio will reflect increased share count.
No underwriter or placement agent; shares issued in private placement under Rule 506.

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