RE:RE:RE:We just got diluted from 295 million sharesLet me help you with tyour DD.
TORONTO, Sept. 24, 2020 /CNW/ - VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) ("VIVO" or the "Company") today announced that it has completed its previously announced partial prepayment, conversion and amendment of unsecured convertible debentures (the "Debentures").
As a result, VIVO now has $6.6 million in outstanding Debentures due September 15, 2022 and 328.7 million common shares (each, a "Share") outstanding on an undiluted basis.
"One of our key objectives at the beginning of the year was to mitigate our financial risk profile and reducing our total debt helps achieve that objective," said Barry Fishman, CEO of VIVO. "We can now better focus on our core competencies and continue on the path toward near-term profitability."
In connection with the refinancing, the Company: (i) prepaid 44.32% of the previously outstanding $23.6 million principal amount of the Debentures, being $10.5 million, and (ii) converted 27.84% of the previously outstanding principal amount of the Debentures, being $6.6 million, on a pro rata basis, into an aggregate of 32.8 million units of the Company (each, a "Unit") at a price of $0.2004 per Unit, leaving Debentures in the principal amount of $6.6 million outstanding. Each Unit was comprised of one Share and one half of one share purchase warrant, with each whole warrant entitling the holder to acquire one Share at an exercise price of $0.2672 until September 15, 2022.