Benzinga | Dec 10, 2021 10:09AM EST

Flower One Issues Shares To Debenture Holders In Amount Of CA$0.62M

Cannabis company Flower One Holdings Inc. (CSE:FONE) (OTCQX:FLOOF) (FSE: F11) recently announced that in accordance with the terms of the indentures the company entered into in March 2019 and November 2019 with Odyssey Trust Company, it has elected to issue common shares to debenture holders in satisfaction of interest in the amount of CAD$509,652 ($401,568), and CAD$111,312 due and payable on December 31, 2021, on the March 2019 and the November 2019 debentures, respectively.

Following the term of the indentures, the issue price of the shares will be based on the volume-weighted average trading price per share for the 20 consecutive trading days on the CSE, ending Dec. 8.

The shares shall be issued to the registered holders of the debentures appearing on the registers of the Trustee at the close of business on Nov. 30. No fractional shares will be issued in satisfaction of the interest payment.

The issuance of the shares in lieu of cash is subject to the terms and conditions of the indentures as well as the receipt of all requisite approvals, including, without limitation, the approval of the CSE.

More recent news from Flower One:

New Cannabis Leader Emerges In California -- Cannabis Daily November 30, 2021

Flower One Posts EBITDA Loss In Q3 As It Takes 'Necessary Steps' To Achieve Positive Cash Flow

Flower One To Produce Justin Bieber's Peaches Cannabis Prerolls In Nevada

Price Action

Flower One's shares closed Thursday market session 4.28% higher at $0.05 per share.

Photo: Courtesy of Daniel Norin on Unsplash