By Abigail W. Adams
Portland, Me., Dec. 10 – Ignite International Brands, Ltd. priced C$10 million in its second series of convertible debenture units and closed its non-brokered private placement offering, according to a company news release.
Each unit consisted of a convertible debenture, which priced at par to yield 8%, and 250 share purchase warrants.
The convertible debentures have a conversion price of C$2.39, and the warrants have a strike price of C$3.22.
The company may force the conversion of the debentures on or after Dec. 11, 2020 if the volume-weighted average trading price exceeds the conversion price over a 10-day trading period.
Proceeds will be used for working capital and other general corporate purposes.
Ignite International is a Vaughan, Ont.-based cannabis company.
| Issuer: | Ignite International Brands, Ltd.
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| Securities: | Convertible debenture units
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| Amount: | C$10 million
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| Maturity: | Dec. 10, 2022
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | C$2.39
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| Warrant strike price: | C$3.22
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| Pricing date: | Dec. 10
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| Stock symbol: | CSE: BILZ
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| Stock price: | C$1.45 at market close Dec. 10
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| Market capitalization: | C$8 million
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