- FinCanna Capital Corp. (CALI) has received approval to amend its outstanding convertible debentures
- The maturity date of the debentures has been extended by 12 months
- The conversion price has been reduced from $0.15 to $0.005 per share impacting 55 per cent of the currently outstanding debentures
- The company also expects to be placed on inactive status by the Canadian Securities Exchange, with the company’s trading symbol changing to “CALI.X”
- FinCanna Capital Corp. was an investment company providing growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry
- FinCanna Capital Corp. (CALI) remained unchanged at $0.005 at 11:17 ET
FinCanna Capital Corp. (CALI) has received debenture holder approval to amend its outstanding convertible debentures.
The first part of the amendment is the extension of the maturity date by 12 months. The second part is the reduction of the conversion price from $0.15 to $0.005 per share and the conversion of a total of 55 per cent of the currently outstanding debentures.
The third is to allow for up to two more consecutive quarters of interest payments under the convertible debentures to be satisfied by issuing common shares. A third (or more) consecutive quarter of satisfying interest payments with common shares of the company will require further debenture holder approval and is subject to the approval of the Canadian Securities Exchange.
The company previously issued convertible debentures, as amended from time to time, in February 2019 and July 2020. The convertible debentures, as amended, mature on January 10, 2024, and February 8, 2024, respectively, and bear annual interest at 12 per cent.
The company has also disclosed that it expects to be placed on inactive status by the Canadian Securities Exchange, with the company’s trading symbol changing to “CALI.X”.
FinCanna Capital Corp. was an investment company providing growth capital to rapidly emerging private companies operating in the licensed U.S. cannabis industry. Currently, the company does not have active business operations.
FinCanna Capital Corp. (CALI) remained unchanged at $0.005 at 11:17 ET.