Cannara Biotech Inc. LOVFF LOVE (FRA:8CB) held its annual shareholder meeting on January 25, 2023. At the meeting, an ordinary resolution of disinterested shareholders was passed approving the creation of a new control person arising from the conversion of convertible debentures held by Olymbec Investments Inc. into common shares of the company.
Convertible debentures in the aggregate principal amount of $5 million were issued to Olymbec on July 12, 2021, bearing interest at a rate of 4% per annum, compounded semi-annually and convertible in whole, along with any accrued interest, into common shares of the company at a price of $0.18 per common share.
On February 7, 2023, the company received a notice of conversion from Olymbec to convert $5.32 million into 29.55 million common shares of the company. On February 9, 2023, the company issued shares from treasury in relation to the conversion, subject to TSX-V approval, thereby reducing overall long-term debt obligations of the Company by $5.32 million.
Following completion of the conversion, Olymbec now has direct ownership and control of 193.2 million common shares of the company representing 21.30% of the issued and outstanding common shares.
Amendment To The Company's Option Plan
An ordinary resolution was passed during the annual shareholder meeting approving an amendment to the company's option plan and the adoption and implementation of the restricted share unit plan, subject to and subsequently received acceptance by the TSX-V approval. On February 9, 2023, the company granted an aggregate of 7.89 million RSU's to certain employees, subject to certain vesting conditions and obtaining TSX-V approval of the RSU Plan.
In addition, the company also received both TSXV and shareholder approval to proceed with the consolidation of all issued and outstanding common shares of the company on a ten pre-consolidation common shares to one post-consolidation common shares basis. The share consolidation is expected to take effect on February 13, 2023, resulting in approximately 90.7 million common shares issued and outstanding, along with 5.24 million shares reserved for issuance and the exercise of existing stock options and RSU's, subject to adjustment for fractional shares.
Benzinga's Cannabis Capital Conference Is Back
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photo by Kindel Media on Pexels
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Click on the image for more info.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.