W. Brett Wilson has agreed to purchase unsecured convertible debentures in the aggregate principal amount of $1,500,000
Indiva Limited (TSXV:NDVA) is pleased to announce that Prairie Merchant Corporation and another entity, both controlled or affiliated with W. Brett Wilson, have agreed to purchase unsecured convertible debentures of the Company in the aggregate principal amount of $1,500,000. This is in addition to Mr. Wilson's previous existing shareholdings of Indiva and the $500,000 aggregate principal amount of unsecured convertible debentures purchased by PMC in the previously completed unsecured convertible debenture offering of the Company. The previous offering closed on January 20, 2020.
The Debentures will mature on the date that is 36 months from the date of issuance, bear interest at the rate of 10% per annum, computed on the basis of a 360-day year composed of twelve 30-day months, and payable semi-annually on the last day of June and December of each year, commencing on June 30, 2020. The Debentures will be issued at a price of $1,000 per Debenture with each Debenture being convertible, at the option of the holder, into 4,000 common shares in the capital of the Company at a conversion price of $0.25 per Share, subject to adjustments.
The issuance of the Debentures is subject to TSX Venture Exchange approval and is expected to close on or about February 4, 2020 and February 14, 2020.
The Company expects that the Proceeds will be used for capital expenditures, equipment purchases and working capital purposes.
The Debentures, and the shares into which the Debentures may be converted, are subject to restrictions on resale under applicable Canadian securities laws for a period of four months and one day from the issue date of the Debentures.
Disclaimer: Past performance is not an indicator of future performance.
This could be one of the best investing opportunities of 2020
Legislative changes are blowing through the US, and with it, an ever-increasing number of states legalising cannabis for recreational use.
With the success seen in Illinois, which legalised for adult-use on January 1 and saw products moving off the shelf at an unprecedented rate, this company is primed to take advantage of the booming US recreational market.
They have secured partnerships with the biggest cannabis companies in the US, and their portfolio is second to none.
And with the sector-wide pullback of 2019, this company is now at a bargain-basement price.
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