Nabis convertible holders need to certify eligibility for proposal

Chicago, Jan. 21 – Nabis Holdings Inc. gave an update on its proposal under the bankruptcy and insolvency act in Canada regarding the outstanding C$35 million of 8% convertible debentures and all other debts of the company, including the need for debenture holders to certify by March 1 so that they can receive their share of the proposal, according to a press release.

Certified holders will receive a pro rata share of 3.7 million new common shares of the company and new 5.3% senior notes with a face amount of C$23 million due 2023.

Debtholders who do not certify will net cash proceeds, if any, from the sale of their pro rata share of the new common shares and new unsecured notes on the Canadian Securities Exchange.

Registered holders will receive a letter of transmittal from Odyssey Trust Co., the registrar and transfer agent, that holders will be required to fill out and state if they are a non-U.S. holder, a U.S. accredited investor or a U.S. non-accredited investor.

Nabis invests in cash-flowing assets across multiple industries, including real property and all aspects of the U.S. and international cannabis sector, and is based in Vancouver, B.C.

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