Imperial Brands has converted more than 123.4 million Canadian dollars ($90.6 million) in total debt to shares of Auxly Cannabis Group, formally giving the British tobacco giant a 19.8% ownership position in the Toronto-based marijuana company.
Auxly on Monday announced the completion of the conversion of CA$123.4 million of principal and accrued interest under the 4% unsecured convertible debenture that was due in September 2026.
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Imperial converted CA$121.9 million of the principal amount outstanding under the debenture for 150,433,450 common shares at an exercise price of 81 Canadian cents per, according to a news release.
Roughly CA$1.56 million of accrued interest was converted into another 90,882,667 shares at a price of CA$0.17 per.
The two companies also agreed to remove the existing
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