Harvest Closes First Trance of Convertible Debenture Financing

Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) announced the closing of the first tranche for a brokered private placement of seven percent unsecured convertible debentures of the company at a price of US$1,000 per debenture for proceeds of US$100 million.

As quoted in the press release:

The Convertible Debentures have a maturity date (the “Maturity Date”) of May 9, 2022 and bear interest from the date of issue at 7.0 percent per annum, payable semi-annually on June 30 and December 30 of each year. The Convertible Debentures are convertible, at the option of the holder, into subordinate voting shares of the Company (“Subordinate Voting Shares”) at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The Convertible Debentures have a conversion price of US$11.4198723 (the USD equivalent of CDN$15.378, based on the Bank of Canada CAD/USD exchange rate as of May 8, 2019) per Subordinate Voting Share (the “Conversion Price”). The purchaser of the Convertible Debentures also received, for no additional consideration, 3,502,666 warrants (the “Warrants”). Each Warrant is exercisable to purchase one Subordinate Voting Share at an exercise price of CDN$18.17 per share, for a period of 36 months from the date of issue.

“Our vision is to become the most valuable cannabis company in the world and this transaction will help fuel Harvest’s growth,” said Harvest CEO Steve White. “This is a particularly acquisitive time in the industry and access to significant capital with favorable terms is crucial to long-term success.”

Click here to read the full press release.

Cannabis Weekly Round-Up: Canadian M&A Heats Up

In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.

Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.

Keep reading... Show less

Aphria Inc. Reminds Shareholders to Vote to Approve Proposed Aphria-Tilray Business Combination

The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement

Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination

Keep reading... Show less

Love Hemp Group PLC Announces Directors Dealings and Extension of Broker Option

Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising

Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.

Keep reading... Show less

Revive Provides Dial-In Information for Annual and Special Meeting

Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.

In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.

Keep reading... Show less

Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan

Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.

Keep reading... Show less