VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) -- good natured Products Inc. (the “Company” or “ good natured ® ”) (TSX-V: GDNP) today announced that it has priced its previously announced marketed public offering (the "Offering") of convertible unsecured subordinated debentures (the "Debentures"), for aggregate gross proceeds of $15 million and entered into an underwriting agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and Beacon Securities Limited, and including Canaccord Genuity, Integral Wealth Securities Limited, Raymond James Ltd., Paradigm Capital Inc., and PI Financial Corp. (collectively, the "Underwriters").
The Company has granted the Underwriters an option (the “Over-Allotment Option”), exercisable in whole or in part at the sole discretion of the Underwriters at any time up to 30 days following the closing of the Offering, to sell up to an additional principal amount of the Debentures representing up to 15% of the Offering. If the over-allotment option is exercised in full, the gross proceeds of the offering will be $17.25 million.
The debentures will mature on October 31, 2026, and will accrue interest at the rate of 7.00%, payable semi-annually in arrears on April 30 and October 31 of each year, commencing April 30, 2022. The Debentures will be convertible at the holder’s option into fully-paid common shares of the Company (“Shares”) at any time prior to the earlier of 5:00pm Eastern Time on October 31, 2026 (the “Maturity Date”), and the business day immediately preceding the date fixed for any redemption. The conversion price will be $1.06 for each common share, subject to adjustment in certain circumstances.
Closing of the Offering is expected to occur on or about October 28, 2021 (the "Closing Date") or such other date as the Company and the Underwriters may agree, and is subject to a number of conditions, including without limitation, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange (“TSX-V”) and the applicable securities regulatory authorities.