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IMPERIAL BRANDS PLC EXTENDS $123 MILLION CONVERTIBLE DEBENTURE AND AUXLY IMPLEMENTS BOARD AND MANAGEMENT CHANGES
IMPERIAL BRANDS PLC EXTENDS $123 MILLION CONVERTIBLE DEBENTURE AND AUXLY IMPLEMENTS BOARD AND MAN...
About this update from Auxly Cannabis Group Inc.
[{"type":"text","content":"\n \n \n \n IMPERIAL BRANDS PLC EXTENDS $123 MILLION CONVERTIBLE DEBENTURE AND AUXLY IMPLEMENTS BOARD AND MANAGEMENT CHANGES\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 July 26, 2023\n \n \n /CNW/ -\n \n Auxly Cannabis Group Inc.\n \n (TSX: XLY) (OTCQB: CBWTF) (\"\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 an agreement with its strategic partner, Imperial Brands PLC (\"\n \n Imperial Brands\n \n \") to amend certain provisions of its previously issued\n \n $123 million\n \n debenture (the \"\n \n Debenture)\n \n dated\n \n September 25, 2019\n \n as amended on\n \n July 6, 2021\n \n (the \"\n \n Amendment\n \n \"). Pursuant to the Amendment, Imperial Brands and Auxly have agreed to extend the maturity date of the Debenture by 24 months from\n \n September 25, 2024\n \n to\n \n September 25, 2026\n \n . The parties anticipate the Amendment to come into effect on\n \n August 16, 2023\n \n .\n \n \n \n \n \n \n \n \n \n The Debentures are convertible into Common Shares at a price of\n \n $0.81\n \n per share at any time prior to the close of business on the business day immediately preceding maturity.  Auxly remains Imperial Brands' exclusive global partner for any future development, manufacture, commercialization, sale and distribution of cannabis products.\n \n \n In connection with the initial investment by Imperial Brands, the parties entered into an investor rights agreement (the \"\n \n Investor Rights Agreement\n \n \") which provides, among other things, that for so long as Imperial Brands holds a partially diluted percentage of outstanding common shares in the capital of Auxly of not less than 15%, it is eligible to nominate one individual designated by Imperial Brands for election as a director to Auxly's Board. As Imperial Brands no longer holds the required percentage under the Investor Rights Agreement, its nominee,\n \n Murray McGowan\n \n , has resigned from Auxly's ...