HEXO Corp. (TSX: HEXO; NYSE: HEXO) after trade Tuesday announced the final closing of its previously announced early conversion option in respect of $29.86 million aggregate principal amount of its outstanding $70 million aggregate principal amount of 8% unsecured convertible debentures maturing December 5, 2022.

Under the final closing, $6,265,000 aggregate principal amount of Debentures was converted into 7,831,250 units of the company at a price of $0.80 per Conversion Unit.

Together with the $23,595,000 aggregate principal amount of Debentures converted into 29,493,750 Conversion Units in an initial closing on June 10, 2020, the company has converted a total of $29,860,000 aggregate principal amount of Debentures into 37,325,000 Conversion Units under the Early Conversion Option.

Each Conversion Unit consisted of one common share of the company and one-half of one common share purchase warrant of the company.

Each Conversion Warrant is exercisable by the holder to purchase one common share at an exercise price of $1.00 per share for a period of three years from issuance.