Fact supported by PRs To simplify & summarize all Debt/court issue based on official PRs, here is the sequence & references of the PRs issued: - A confirm sale of $7m worth of Marijuana && Bevo to repay one half of the debts;
- A new debt arrangement at 4% less to pay the entire old debenture;
- Zena/Lender can’t agree on the value of Royalties’ (Zena say $0-SNDL say $13.7m). Court will decide;
- Zena issued ATM program for a max value of $15m;
- With all above cosmetics’ know to the market Hexo acquire ZENA.
Jan 4, 2021 – PR #2 As a result of the $7.0 million repayment to its senior lender, and the concurrently announced sale of Bevo Farms Ltd. and the repayments of key debt obligations which were due December 31, 2020, the Company’s debt totals $65.1 million, compared to $119.1
https://stockhouse.com/news/press-releases/2021/01/04/zenabis-sells-7-million-of-cannabis
Jan 22, 2021 – PR Zenabis entered into a credit agreement with a Canadian private debt fund for a committed revolving credit facility of up to $60 million. The proceeds are intended to prepay the debenture, which has an outstanding principal balance of $51.75 million, and for general corporate purposes. However, despite several attempts, Zenabis Investments and the debenture lender are unable to agree on the amount required to prepay and terminate the debenture.
https://stockhouse.com/news/press-releases/2021/01/22/zenabis-announces-60m-committed-revolving-credit-facility-to-refinance-senior
Feb 10, 2021 – PR ATM program was used to raise up to $15 Millions.
https://stockhouse.com/news/press-releases/2021/02/09/zenabis-announces-the-establishment-of-an-at-the-market-equity-offering-program
Feb 16, 2021 – PR HEXO Corp. to acquire Zenabis Global
https://stockhouse.com/news/press-releases/2021/02/16/hexo-corp-to-acquire-zenabis-global-inc
Feb 19, 2021 – PR Zenabis is seeking the Court's determination of the correct calculation of the amount required to exercise an option to buy out the amended royalty provided for in the debenture (which Zenabis contends is nil, based on current facts and circumstances and the debenture lender asserts is $13.7 million), whether the amended royalty is secured by the same security charging the debenture as well as related security (which the debenture lender contends and Zenabis Investments disputes), and whether certain prepayment amounts and default fees are payable under the debenture (which the Debenture Lender contends and Zenabis Investments disputes).