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Golden Leaf Holdings Announces Overwhelming Approval of Extraordinary Resolutions By Debenture Holders
Golden Leaf Holdings Announces Overwhelming Approval of Extraordinary Resolutions By Debenture Holders.
About this update from Chalice Brands Ltd.
[{"type":"text","content":"\n TORONTO, Aug. 22, 2019 (GLOBE NEWSWIRE) -- Golden Leaf Holdings Ltd. (“Golden Leaf” or the “Company”) (CSE:GLH) (OTCQB:GLDFF), a pioneer cannabis oil solutions company and dispensary operator built around recognized brands, has announced that debenture holders approved extraordinary resolutions at the meeting of debenture holders held on August 21, 2019 at 11:00 a.m. EDT. With 98 percent support, the debenture holders overwhelmingly approved the repayment of the principal amount of the debentures of CDN$12,961,000 and accrued interest of CDN$190,815, via an early conversion on August 23, 2019 at CDN$0.06. The original maturity date of these debentures was November 2, 2019. As the debenture holders agreed to accelerate the settlement of the debentures, the agreement to extend the Chalice LLC earn-out payment from November 2, 2019 to May 2, 2022 became effective. The principal amount of the earn-out payment due to Chalice LLC and its members is USD$9,527,350, of which USD$5,000,000 is payable in cash and USD$4,527,350 is payable in the company’s common shares. “We’re thankful that the debenture holders and Chalice LLC and its members supported the management’s proposals to settle and extend obligations,” said Interim CEO John Varghese. “Now we have sufficient liquidity to meet our current obligations when due, and to execute our strategic initiatives, which include expanding our offerings in California, Nevada and Canada.” About Golden Leaf HoldingsGolden Leaf Holdings Ltd., a Canadian company with operations in multiple jurisdictions including Oregon, Nevada and Canada, is one of the largest cannabis oil and solution providers in North America, and a pioneer cannabis products company built around recognized brands. Golden Leaf cultivates, extracts, manufactures and distributes its products through its branded Chalice Farm retail dispensaries, as well as through third party dispensaries. Golden Leaf leverages a strong management team with cannabis and food industry experience to complement its expertise in extracting, refining and selling cannabis oil.  Visit goldenleafholdings.com to learn more. Company:John VargheseInterim CEOGolden Leaf Holdings [email protected] Investor Relations:Steve HoseinRenmark Financial Communications416-644-2020 Media Relatio...