Avicanna Inc. AVCNF AVCN 0 NN has entered agreements with the holders of convertible debentures with an aggregate principal amount of $1.94 million and a maturity date of January 28, 2023 and 1.06 million common share purchase warrants issued pursuant to a debenture unit financing that closed on January 28, 2022, to amend the terms of the debentures and warrants. An aggregate of $250,000 of debentures and 136,250 warrants were issued to insiders of the company pursuant to the debenture financing.
The exercise price of warrants will be changed from $1.10 to $0.55 per common share of the company and will have their expiry date changed from January 28, 2025 to January 28, 2026, while the remaining debentures bearing an aggregate principal amount of $1.06 million will have their maturity date extended to July 28, 2023. A total of 3.44 million common shares are subject to a conversion of the amended debentures. The repriced debentures will be converted into an aggregate of 2.2 million common shares on or before the original maturity date.
The warrant amendments with respect to the insider warrants are subject to the approval of the disinterested shareholders of the company, which the company intends to seek at its next annual and special meeting of shareholders, according to the policy of the Toronto Stock Exchange. The warrant amendments and debenture amendments are subject to the approval of the TSX.
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