Columbia Care Announces Closing of US$74.5 Million Private Placement Offering of 6.00% Secured Convertible Notes Due 2025

CANNANNEW REPORT

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) (“Columbia Care” or the “Company”) is pleased to announce that it has closed its previously announced private placement (the “Offering”) issuing US$74,500,000 aggregate principal amount of 6.00% secured convertible notes due 2025 (the “Notes”). The Offering was conducted on a “best-efforts” basis pursuant to an agency agreement entered into on June 17, 2021 between the Company and a syndicate of agents. Canaccord Genuity acted as sole bookrunner and co-lead agent for the Offering, and ATB Capital Markets acted as co-lead agent for the offering. A.G.P./Alliance Global Partners acted as financial advisor. The Notes are senior secured obligations of the Company and will accrue interest payable semi-annually in arrears and mature on June 29, 2025, unless earlier converted, redeemed or repurchased. The conversion rate will be 154 common shares of the Company (“Common Shares”) per $1,000 principal amount of Notes (equivalent to a price of approximately US$6.49 per Common Share), subject to customary adjustments. The conversion price of the Notes represents a premium of approximately 25% over the closing price of the Common Shares on the NEO Exchange on June 17, 2021. The Company may redeem the Notes at par, in whole or in part, on or after June 29, 2023, if the volume weighted average price of the Common Shares trading on the Canadian Stock Exchange or the NEO Exchange for 15 of the 30 trading days immediately preceding the day on which the Company exercises its redemption right, exceeds 120% of the conversion price of the Notes. The Notes were offered for sale on a private placement basis in certain provinces of Canada pursuant to applicable exemptions from the prospectus…

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Source : Columbia Care Announces Closing of US.5 Million Private Placement Offering of 6.00% Secured Convertible Notes Due 2025

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