Flower One Issues Common Shares In Satisfaction Of Interest Payment Under Its Convertible Debentures

Flower One Holdings Inc. FLOOF FONE F has elected to issue common shares in the capital of the company to debenture holders in satisfaction of interest in the amount of CA$509,652 ($399,266) and CA$111,312 due and payable on June 30, 2022 on the March 2019 and the November 2019 debentures, respectively.

In accordance with the terms of the indentures, the issue price of the common shares will be based on the volume-weighted average trading price per common share for the twenty consecutive trading days on the Canadian Securities Exchange ending on June 9, 2022. The common shares shall be issued to the registered holders of the debentures appearing on the registers of the trustee at the close of business on May 30, 2022, being the last business day of the month preceding the applicable interest payment date.

No fractional common shares will be issued in satisfaction of the interest payment. The common shares issuable in satisfaction of interest payable under the debentures will not be subject to any hold period resale restrictions under Canadian securities laws. Any common Shares issued to a holder of the debentures in the United States will be restricted securities under the U.S. Securities Act of 1933, as amended.

Photo by Mackenzie Marco on Unsplash

Related News

Flower One Gets $5M Loan, Growing Its Term Debt

Flower One's CEO Kellen O'Keefe Named Advisory Board Member To 'The Weldon Project'

Flower One Confirms $10.1M Financing, Cannabis Company's Leadership Agrees To Pay Cuts