Cannabis Cultivator C21 Backstops Repayment Of Convertible Debentures

C21 Investments Inc. (CSE: CXXI) (OTC: CXXIF) announced Thursday its CEO, Sonny Newman, restructured the total of the company’s secured note in his possession.

Some $15.2 million worth of secured notes with a maturity due on Jan. 1 have been restructured and will be amortized over a 30-month term at the interest rate of 9.5%.

The vertically-integrated cannabis company has also ensured financial support from three investment managers — JW Asset Management, Wasatch Global Investors and CB1 Capital Management. These firms, together with Newman, will contribute an equity commitment for compensation of all of C21 Investment’s existing convertible debentures.

Funds advanced by the investors will be traded for the company’s common shares to be issued at the same price of the debenture conversion terms — C$0.80 per share.

C21 chair Bruce Macdonald …

Full story available on Benzinga.com

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