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Green Growth Brands Inc. Announces $102M Backstop Commitment From Key Stakeholders
Green Growth Brands Inc. Announces $102M Backstop Commitment From Key Stakeholders.
About this update from Green Growth Brands Inc
[{"type":"text","content":"\n\n\n\nGreen Growth Brands Inc. Announces $102M Backstop Commitment From Key Stakeholders\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGreen Growth Brands Inc. Announces $102M Backstop Commitment From Key Stakeholders\nCanada NewsWire\nCOLUMBUS, OH, Aug. 14, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR THE DISSEMINATION, DISTRIBUTION, RELEASE OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES./\n COLUMBUS, OH, Aug. 14, 2019 /CNW/ - Green Growth Brands Inc. (CSE:GGB) (OTCQB:GGBXF) (the \"Company\" or \"GGB\") announced today that it has entered into backstop commitment letters with each of All Js Greenspace LLC, Park Lane Capital Limited, and Chiron Ventures Inc. (collectively, the \"Investors\"), pursuant to which the Investors have committed to subscribe for and purchase, in certain circumstances, up to $102,796,241 in the aggregate (approximately US$77 million) of convertible debentures (the \"Convertible Debentures\") of the Company to support the Company's operations and capital needs (the \"Commitment Letters\"). \nPursuant to the terms of the Commitment Letters, the Company is entitled to require each of the Investors to fulfill their respective commitments for a period of 12 months (the \"Term\") following completion of the Company's previously announced C$50,225,000 prospectus offering of units (the \"Offering\") as follows: (i) as to up to US$52,325,000 (in the aggregate), in the event that the Company's existing secured convertible debt cannot be extended or refinanced prior to the maturity date thereof and (ii) as to up to US$25,000,000 (in the aggregate), in the event the Company requires capital to fund operations during the Term. The Convertible Debentures, if issued, will have a maturity date of 12 months from the date of issuance (the \"Maturity Date\") and will be convertible upon the election of the applicable Investor at any time up to and including the Maturity Date into, in respect of the commitments from non-U.S. resident Investors, common shares of the Company (\"...