CannaRoyalty Reveals Official Terms of New Private Placement Deal

CannaRoyalty (CSE:CRZ; OTCQX:CNNRF) announced the terms of a fully marketed private placement.

As quoted in the press release:

A syndicate of investment dealers, led by Canaccord Genuity Corp., has been engaged by the Company to sell up to 30,000 unsecured convertible debentures (the “Convertible Debentures”) of the Company at a price of $1,000 per Convertible Debenture (the “Offering Price”) for aggregate gross proceeds of up to $30.0 million (the “Offering”).

The Convertible Debentures will have a maturity date of three years from the closing date of the Offering (the “Maturity Date”) and will bear interest from the date of closing at 8.0% per annum, payable semi-annually on June 30 and December 31 of each year. The Convertible Debentures will be convertible, at the option of the holder, into common shares of the Company (“Common Shares”) at any time prior to the close of business on the last business day immediately preceding the Maturity Date at a conversion price of $6.25 per Common Share (the “Conversion Price”).  At any time following the date that is four (4) months and one day following the Closing Date (the “Statutory Hold Period”), the Company may force the conversion of the principal amount of the then outstanding Convertible Debentures at the Conversion Price on not less than 30 days’ notice should the daily volume weighted average trading price of the Common Shares be greater than $9.00 for any 10 consecutive trading days.

Click here to read the full press release.

The post CannaRoyalty Reveals Official Terms of New Private Placement Deal appeared first on Investing News Network.


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