517 0 Kommentare Hydropothecary Closes Offering of Convertible Debenture Units for $69 Million - Seite 2

Each Warrant is exercisable to acquire one Common Share until November 24, 2019 at an exercise price of $3.00 per share, subject to adjustment in certain events, and subject to the Company's right to accelerate expiry of the Warrants if the closing trading price of the Common Shares equals or exceeds $4.50 for any 10 consecutive trading days.

The Units were offered for sale in each of the provinces and territories of Canada by short form prospectus, and in jurisdictions outside of Canada including the United States on a private placement basis exempt from any prospectus, registration or other similar requirements.

The net proceeds from the Offering are expected to be used to further expand and increase the Company's production capacity and expedite the development of the Company's innovative product lines in preparation for eventual adult recreational use in Canada. Additional information on the expected use of the net proceeds from the Offering is disclosed in the short form prospectus.

The Offering is subject to final acceptance of the TSX Venture Exchange ("TSXV"). The TSXV has conditionally accepted the Offering and the listing of the Convertible Debentures. Subject to the Company fulfilling the listing requirements of the TSXV, it is expected that the Convertible Debentures will commence trading on the TSXV at market open on Monday, November 27, 2017.

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THCX also wishes to announce that $13.6 million principal amount of the Company's $25.1 million aggregate principal amount of 8% unsecured convertible debentures due June 30, 2019 (the "Existing Debentures") have to date been tendered for conversion into Common Shares. The Existing Debentures are convertible at the option of the holder into Common Shares at a conversion price of $1.60 per share. As previously disclosed by THCX, the Company has exercised its forced conversion right in respect of the Existing Debentures and any outstanding Existing Debentures will be converted into Common Shares on December 27, 2017.

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