CannaRoyalty (CSE:CRZ) announced the acceleration on the expiry date of some outstanding common share purchase warrants.
As quoted in the press release:
CannaRoyalty, an active investor and operator in the legal cannabis industry, announced today that it is accelerating the expiry date of all outstanding common share purchase warrants (the “Warrants”) of the Company issued pursuant to the warrant indenture dated February 15, 2017 between the Company and TSX Trust Company (the “Warrant Indenture”). The proceeds from the exercise of the Warrants will be primarily used by the Company to expand its footprint across California, as well as general corporate and working capital purposes.
Pursuant to the Warrant Indenture, the Company may accelerate the expiry date of the Warrants in the event that the volume weighted average closing price of the issued and outstanding common shares of the Company (“Common Shares”) is greater than C$6.00 per Common Share for a period of 15 consecutive trading days (the “Acceleration Trigger”).
The Company confirms that as of the close of markets on September 17, 2018, an Acceleration Trigger had occurred. In accordance with the terms of the Warrant Indenture, this news release constitutes notice to Warrant holders of the Acceleration Trigger. Accordingly, the Company confirms that the Warrants are now set to expire at 5:00 p.m. EST on October 9, 2018, being the 21st day following the occurrence of the Acceleration Trigger (the “Early Expiry Date”). Any Warrants remaining unexercised after the Early Expiry Date will be cancelled.