Business
Auxly Extends Standby Facility Convertible Debentures to August 15, 2024
Auxly Extends Standby Facility Convertible Debentures to August 15, 2024 Canada...
About this update from Auxly Cannabis Group Inc.
[{"type":"text","content":"\n \n \n \n Auxly Extends Standby Facility Convertible Debentures to August 15, 2024\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 23, 2022\n \n \n /CNW/ - Auxly Cannabis Group Inc. (TSX: XLY) (\"\n \n Auxly\n \n \" or the \"\n \n Company\n \n \"), a leading consumer packaged goods company in the cannabis products market, is pleased to announce that it has amended and restated the unsecured convertible debentures in the capital of the Company (\"\n \n Original\n \n \n Convertible Debentures\n \n \") issued under its standby facility (the \"\n \n Standby Facility\n \n \") with an institutional investor (the \"\n \n Investor\n \n \"), which was previously announced on\n \n April 28, 2020\n \n .\n \n \n \n \n \n \n \n \n \n The Standby Facility allowed the Corporation to sell, on a private placement basis, Original Convertible Debentures in tranches for an aggregate principal amount of up to\n \n $25 million\n \n . Under the Standby Facility, the Company sold\n \n $11.25 million\n \n in Original Convertible Debentures over five tranches throughout 2020. As of the date hereof, the Company has repaid\n \n $2.5 million\n \n of principal owing under such Original Convertible Debentures.\n \n \n The Investor and the Company have agreed to amend and restate the remaining Original Convertible Debentures (the \"\n \n 2022 Convertible Debentures\n \n \") on the following terms:\n \n \n \n \n $8.75 million\n \n aggregate principal amount will remain outstanding until\n \n July 15, 2022\n \n , where on such date the Company will repay\n \n $1.25 million\n \n thereby reducing the aggregate principal amount to\n \n $7.5 million\n \n ;\n \n \n extended maturity date for the balance of the\n \n $7.5 million\n \n principal amount until\n \n August 15, 2024\n \n (the \"\n \n Maturity Date\n \n \");\n \n \n guaranteed interest rate of 7.5% per annum, payable semi-annually;\n \n \n reduced conversion price of\n \n $0.1380\n \n being convertible at the option of the holder into common shares in the capital of...