Canada’s Flower One to price convertible debenture units

By Rebecca Melvin

New York, Nov. 4 – Flower One Holdings Inc. plans to price convertible debenture units consisting of a 9.5% convertible debenture due 2022 and a common share purchase warrant in an overnight deal, according to a company news release.

The offering size and other terms will be determined during marketing.

Mackie Research Capital Corp. and Canaccord Genuity Corp. are leading the syndicate of underwriters for the offering, which carries a greenshoe of 15%.

The proceeds will be used to advance and support the continued launch of its Brand Partners’ products into the Nevada market; for working capital and for general corporate purposes; and to accelerate the company’s market entry plans for California.

The company may force the conversion of the debentures subject to a to-be-determined trigger.

The common share purchase warrants may be exercised for one common share and will expire in three years.

The deal is being marketed via short form prospectus in each of the provinces of Canada.

Flower One Holdings is a Toronto-based cannabis company.

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