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CANNARA BIOTECH INC. ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER MEETING AND CONVERSION INTO EQUITY OF A $5M CONVERTIBLE DEBENTURE AT $0.18 CENT PER COMMON SHARE
CANNARA BIOTECH INC. ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER MEETING AND CONVERSION INTO EQUITY O...
About this update from Cannara Biotech, Inc.
[{"type":"text","content":"\n \n \n \n CANNARA BIOTECH INC. ANNOUNCES RESULTS OF ANNUAL SHAREHOLDER MEETING AND CONVERSION INTO EQUITY OF A $5M CONVERTIBLE DEBENTURE AT $0.18 CENT PER COMMON SHARE\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 MONTREAL\n \n \n ,\n \n \n Feb. 10, 2023\n \n \n /CNW/ -\n \n Cannara Biotech Inc.\n \n (\"\n \n Cannara\n \n \" or the \"\n \n Company\n \n \") (\n \n TSXV: LOVE\n \n ) (\n \n OTCQB: LOVFF\n \n ) (\n \n FRA: 8CB\n \n ), a vertically integrated producer of premium-grade cannabis and derivative product offerings at affordable prices  with two mega facilities based in Québec spanning over 1,650,000 sq. ft., announced today that further to its news release dated\n \n January 11, 2023\n \n , the Company held its annual shareholder meeting on\n \n January 25, 2023\n \n (the \"\n \n Meeting\n \n \").\n \n \n \n \n \n \n \n \n \n At the Meeting, an ordinary resolution of disinterested shareholders was passed approving the creation of a new control person arising from the conversion of convertible debentures (the\n \n \"Convertible Debentures\"\n \n ) held by Olymbec Investments Inc. (\"\n \n Olymbec\n \n \") into common shares of the Company.\n \n \n Convertible Debentures in the aggregate principal amount of\n \n $5,000,000\n \n were issued to Olymbec on\n \n July 12, 2021\n \n , bearing interest at a rate of 4% per annum, compounded semi-annually and convertible in whole, along with any accrued interest, into common shares of the Company at a price of\n \n $0.18\n \n per common share.\n \n \n On\n \n February 7, 2023\n \n , the Company received a notice of conversion from Olymbec to convert\n \n $5,317,645\n \n (principle and accrued interest to date) into 29,554,139 common shares of the Company. On\n \n February 9, 2023\n \n , the Company issued shares from  treasury in relation to the conversion, subject to TSX-V approval, thereby reducing overall long-term debt obligations of the Company by\n \n $5,317,645\n \n .\n \n \n Prior to the conversion, Olymbec held 163,650,184 common shares of the Com...