Digicann Ventures Ltd. DCNN AGFAF announced Monday that it has successfully negotiated and closed the repurchase of the total principal amount of $14,218,000 of previously issued 10.00% senior unsecured convertible debentures from their holders for a cash repurchase price of $1.6 million.
The transaction represents a buyback of over 93% of the debentures currently outstanding on the company’s balance sheet.
The maturity date of the debentures was extended for an additional twelve months, from March 12, 2023, to March 12, 2024.
With only $1 million of the debentures now remaining on the company’s balance sheet, the transaction significantly improves Digicann’s overall financial condition going forward.
The British Columbia-based company recently signed and closed the sale of the shares of AgraFlora Europe GmbH to an arm’s length third party for gross cash proceeds of €500,000 ($529,675).
That move followed the changing of its name from Agra Ventures Ltd. as part of its process of consolidating its issued and outstanding share capital.
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