12% six-year senior secured convertibles sold to Full Circle Capital
By Devika Patel
Knoxville, Tenn., Jan. 22 - Advanced Cannabis Solutions, Inc. arranged a $7.5 million private placement of senior secured convertible notes with Full Circle Capital Corp. on Jan. 21, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal allows for the sale of an additional $22.5 million of convertibles.
The 12% notes convert to common stock at $5.00 per share. The notes mature in six years.
The private Colorado Springs, Colo., company rents growing space and facilities to licensed marijuana growers and dispensary owners.
| Issuer: | Advanced Cannabis Solutions, Inc.
|
| Issue: | Senior secured convertible note
|
| Amount: | $7.5 million
|
| Maturity: | Six years
|
| Coupon: | 12%
|
| Conversion price: | $5.00
|
| Warrants: | No
|
| Investor: | Full Circle Capital Corp.
|
| Pricing date: | Jan. 21
|
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