Auxly Announces Proposed Reduction to Conversion Price of 6% Unsecured Convertible Debentures Due January 16, 2020
October 18 2019 - 7:30AM
Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX:
CBWTF) (“
Auxly” or the
“
Company”) today announced that it has received
approval from the TSX Venture Exchange (the
"
TSXV") to amend the conversion price under its 6%
unsecured convertible debentures in the principal amount of
$100,000,000 maturing on January 16, 2020 (the
"
Debentures") from $1.55 per share to $0.74 per
share.
The Company will provide written notice (the
"Notice") to holders of Debentures advising them
of the proposed reduction in the conversion price and providing
holders with the opportunity to immediately convert the principal
amount of their Debentures at the revised conversion price. If a
holder consents to the reduction in the conversion price but fails
to elect to convert the outstanding principal amount of its
Debenture within the time specified in the Notice, the Company will
have the right to prepay all or any portion of the outstanding
principal amount of a consenting holder's Debenture at any time on
or prior to January 16, 2020. Should no Debentures be converted,
Auxly has sufficient cash available to repay the Debentures when
they come due.
ON BEHALF OF THE BOARD
"Hugo Alves" CEO
About Auxly Cannabis Group Inc. (TSX.V: XLY) (OTCQX:
CBWTF)
Auxly is an international cannabis company
dedicated to bringing innovative, effective, and high-quality
cannabis products to the medical, wellness and adult-use markets.
Auxly's experienced team of industry first-movers and enterprising
visionaries has secured a diversified supply of raw cannabis,
strong clinical, scientific and operating capabilities and leading
product research and development infrastructure in order to create
trusted products and brands in an expanding global market.
Learn more at www.auxly.com and stay up to date at Twitter:
@AuxlyGroup; Instagram: @auxlygroup; Facebook:
@auxlygroup; LinkedIn: company/auxlygroup/.
Investor Relations:For investor
enquiries please contact our Investor Relations Team: Email:
IR@auxly.comPhone: 1.833.695.2414
Media Enquiries
(only): For media enquiries or to set up an interview
please contact:Sarah Bain, VP External Affairs Email:
sarah@auxly.com Phone: 613.230.5869
Notice Regarding Forward Looking
Information:
This news release contains certain
"forward-looking information" within the meaning of applicable
Canadian securities law. Forward-looking information is frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
information that certain events or conditions "may" or "will"
occur. This information is only a prediction. Various assumptions
were used in drawing the conclusions or making the projections
contained in the forward-looking information throughout this news
release.
A number of factors could cause actual results
to differ materially from a conclusion, forecast or projection
contained in the forward-looking information included in this
release, including failure to obtain TSXV approval of the proposed
amendments to the Debentures. The forward-looking information in
this release is based on information currently available and what
management believes are reasonable assumptions. Forward-looking
information speaks only to such assumptions as of the date of this
release. Readers should not place undue reliance on forward-looking
information contained in this release. The forward-looking
information contained in this release is expressly qualified by the
foregoing cautionary statements and is made as of the date of this
release. Except as may be required by applicable securities laws,
the Company does not undertake any obligation to publicly update or
revise any forward-looking information to reflect events or
circumstances after the date of this release or to reflect the
occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
None of the securities referenced herein have
been, or will be, registered under the United States Securities Act
of 1933, as amended, and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. persons absent
registration or an applicable exemption from the registration
requirements. This news release will not constitute an offer to
sell or the solicitation of an offer to buy any securities and nor
will there be any sale of securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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