Reduction in share distribution by cancelling of debentures ("iAnthus" or the "Company") (CSE: IAN, OTCQX: ITHUF) is pleased to announce that, as of April 24, 2019 (the "Redemption Date"), it has completed the redemption of the outstanding convertible debentures (the "Debentures") of MPX Luxembourg SARL, a wholly-owned subsidiary of iAnthus.
On March 25, 2019, iAnthus announced that it had issued a notice of redemption to the holder of Debentures, providing that the Debentures were redeemable for an amount (the "Redemption Price") equal to US$860.43 per US$1,000 principal amount of Debentures, being the Redemption Price prescribed as of the Redemption Date pursuant to the terms of the debenture indenture governing such Debentures.
Prior to the Redemption Date, holders of Debentures in the aggregate principal amount of US$30,854,439.60 elected to convert their Debentures into units of iAnthus ("Units"), each such Unit consisting of 0.1673 of one common share in the capital of iAnthus (each whole common share, an "iAnthus Share") and 0.08365 of one common share purchase warrant (each whole warrant, an "iAnthus Warrant") (based on the exchange ratio of 0.1673 iAnthus Shares for each common share of MPX Bioceutical Corporation ("MPX") in connection with iAnthus' recently completed acquisition of MPX pursuant to a court approved plan of arrangement), at a conversion price equal to C$0.74 per Unit. Accordingly, iAnthus issued an aggregate of 8,929,457 iAnthus Shares and 4,464,724 iAnthus Warrants to holders electing to convert their Debentures prior to the Redemption Date.
The remaining Debentures, with an original subscription amount of US$1,250,000, were not redeemed or converted as the Company is unable to confirm valid payment for such Debentures.
About iAnthus
iAnthus owns and operates best-in-class licensed cannabis cultivation, processing and dispensary facilities throughout the United States, providing investors diversified exposure to the U.S. regulated cannabis industry. Founded by entrepreneurs with decades of experience in operations, investment banking, corporate finance, law and health care services, iAnthus provides a unique combination of capital and hands-on operating and management expertise. iAnthus currently has operations in 11 states, and operates 21 dispensaries (AZ-4, MA-1, MD-3, FL-3, NY-2, CO-1, VT-1 and NM-6 where iAnthus has minority ownership). For more information, visit www.iAnthus.com.