Six-year secured convertibles, warrants sold to Full Circle Capital
By Devika Patel
Knoxville, Tenn., Jan. 27 - Advanced Cannabis Solutions, Inc. offered further details about a $7.5 million private placement of senior secured convertible notes with Full Circle Capital Corp. that settled on Jan. 21 in an 8-K filed Monday with the Securities and Exchange Commission. The deal allows for the sale of an additional $22.5 million of convertibles and was announced on Jan. 22.
The 12% notes convert to common stock at $5.00 per share. The notes mature in six years.
In addition, Full Circle received warrants for 1 million shares, which are each exercisable at $5.50 until Jan. 21, 2017.
The private Colorado Springs, Colo., company rents growing space and facilities to licensed marijuana growers and dispensary owners.
| Issuer: | Advanced Cannabis Solutions, Inc.
|
| Issue: | Senior secured convertible note
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| Amount: | $7.5 million
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| Maturity: | Six years
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| Coupon: | 12%
|
| Conversion price: | $5.00
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| Warrants: | For 1 million shares
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| Warrant expiration: | Jan. 21, 2017
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| Warrant strike price: | $5.50
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| Investor: | Full Circle Capital Corp.
|
| Pricing date: | Jan. 21
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