Golden Leaf convertible holders vote to extend debenture maturity

Chicago, Jan. 25 – Golden Leaf Holdings Ltd. will extend the maturity date on its convertible debentures to Nov. 16, 2022 from Nov. 16, 2021 with the approval of the debentureholders obtained at an extraordinary meeting on Jan. 21, according to a press release.

The extension provides immediate relief to the company and its current liabilities.

The conversion price of the principal will be changed to $0.06 per common share from $0.30 as consideration for the extension. The new conversion price is 200% greater than current market value.

Debentureholders will also receive a one-time restructuring fee of 2% of the principal amount to be paid in common shares equal to $0.06 per share.

There are $8,039,000 of the convertibles outstanding.

The notes are now convertible into 105 million common shares.

Golden Leaf is a cannabis cultivation, production and retail company based in Toronto.

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