Business
North Bud Farms Announces Annual General and Special Meeting on December 16th and the Closing of the First Tranche of its Non-Brokered Private Placement of Secured Convertible Debenture Units
North Bud Farms Announces Annual General and Special Meeting on December 16th and the Closing of the First Tranche of its Non-Brokered Private Placement of Secured Convertible Debenture Units.
About this update from North Bud Farms Inc
[{"type":"text","content":"\n THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. TORONTO, Nov. 06, 2019 (GLOBE NEWSWIRE) -- North Bud Farms Inc. (CSE: NBUD) (OTCQB: NOBDF) (\"NORTHBUD\" or the \"Company\") today announces that the Company will hold its Annual General and Special Meeting at 1:00 p.m. on Monday, December 16, 2019 at the office of McMillan LLP World Exchange Plaza, Suite 2000, Ottawa, Ontario.   Additionally, the Company is pleased to announce that on November 6, 2019, the board authorized the issuance of up to 4,000 convertible debenture units (“Units”) of the Company at a price of $1,000 per Unit for total gross proceeds of up to $4,000,000. Based on this decision the Company will not be closing any additional tranches of the previously announced equity private placement. Each Unit is comprised of one $1,000 principal amount of secured convertible debenture (a “Convertible Debenture”) accruing interest at 10.0% per annum, payable semi-annually in arrears until maturity, and 2,000 common share purchase warrants of the Company (each, a “Warrant”). The Convertible Debentures will have a maturity date of 36 months from the date of issuance. Each Convertible Debenture shall be convertible into common shares in the capital of the Company (each, a “Conversion Share”) at a price of $0.30 per Conversion Share. Each Warrant entitles the holder thereof to acquire one common share in the capital of the Company (each, a “Warrant Share”) for an exercise price of $0.25 per Warrant Share for a period of 18 months following the closing date. The Convertible Debentures are direct secured obligations of the Company and rank pari passu in right of payment of principal and interest with all other Convertible Debentures issued under the Offering. The Company is pleased to announce that on November 6, 2019 it closed an initial tranche of 1,264 Units for gross proceeds of $1,264,000. These Units were purchased by one insider and existing shareholders. The Company intends to close the remaining Units in one or more tranches over the coming weeks. Ryan Brown, the Chief Executive Officer, of the Company participated in the private placement and beneficially acquired 664 Un...