Bhang Inc. BHNGF BHNG has entered into a debt settlement agreement with a consultant that provided certain capital markets advisory services.
As per the terms of the agreement, Bhang has issued 3.76 million units of Bhang at a price of $0.03 per unit, in full and final satisfaction of the indebtedness in the amount of $113,000 owed by the company to the creditor. Each unit is comprised of one subordinate voting share of Bhang and one half warrant. Each full warrant is exercisable for one subordinate voting share of Bhang at a price of $0.05 per subordinate voting share for a period of 12 months.
Bhang has also issued 1.94 million subordinate voting shares at a price of $0.035 per share pursuant to an agreement for the license of certain software and data relating to industry reporting.
The subordinate voting shares and underlying subordinate voting shares to the warrants set out above are subject to a statutory four-month and one-day hold period expiring on March 19, 2023.
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