Avant Brands Closes $3.9 Million Offering of Unsecured Convertible Debenture Units

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[{"type":"text","content":"Avant Brands Closes $3.9 Million Offering of Unsecured Convertible Debenture UnitsKELOWNA, BC / ACCESSWIRE / July 29, 2024 / Avant Brands Inc. (TSX:AVNT)(OTCQX:AVTBF)(FRA:1BU0) (\"Avant\" or the \"Company\"), a leading producer of innovative and award-winning cannabis products, is pleased to announce that it has closed its non-brokered private placement (the \"Offering\") in the amount of $3,900,000 priced at a price of $1,000 per unsecured convertible debenture unit through the issuance of 3,900 unsecured convertible debenture units (the \"Convertible Debenture Units\"). The net proceeds raised from the Offering are expected to be used to repay existing indebtedness.Norton Singhavon, Founder and CEO of Avant Brands commented:\"This investment is a major milestone for Avant Brands, demonstrating the growing recognition of our brand and potential. We are confident that this capital infusion will enable us to further expand our reach into key international markets and accelerate our overall growth trajectory, contributing to the generation of long-term value for our shareholders.\"Each Convertible Debenture Unit is comprised of (i) $1,000 principal amount (the \"Principal Amount\") of senior unsecured convertible debentures (the \"Convertible Debentures\") of the Company and (ii) 10,000 common share purchase warrants (the \"Warrants\") of the Company. Each Convertible Debenture will be convertible into common shares of the Company (the \"Debenture Shares\"), at the option of the holder at a conversion price of $0.10 per Debenture Share, subject to adjustment in certain circumstances. Each Warrant will entitle the holder thereof to purchase one common share of the Company (a \"Warrant Share\") at a price of $0.10 per Warrant Share for a period of 48 months from July 26, 2024 (the \"Closing Date\").The Convertible Debentures bear interest at a rate of 10% per annum from the Closing Date, calculated and payable quarterly in cash, with any remaining accrued and unpaid interest to be paid by the Company on the fourth anniversary of the Closing Date (the \"Maturity Date\"). The Company is expected to (i) repay 6.25% of the Principal Amount quarterly in cash, and (ii) repay the remaining Principal Amount outstanding on the Maturity Date.Pursuant to the terms of the Convertible Debentures and the Warrants, the holder will be restricted fr...

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