Westleaf gets OK from convertible holders to combine with We Grow

By Sarah Lizee

Olympia, Wash., Nov. 21 – Westleaf Inc. obtained approval from holders of more than 66 2/3% of its C$12 million 9.5% three-year convertible debenture units of its planned combination with We Grow BC Ltd., according to a press release.

The arrangement constitutes a change-of-control under the debentures.

Westleaf sought a waiver and modification of the debentures’ indenture so that the arrangement would not require the company to repurchase the debentures, as well as an amendment of the conversion price of the debentures to $0.45 from $1.30 per Westleaf Share, according to a previous release.

The arrangement will close on or about Dec. 20. Closing is subject to, among other things, requisite Westleaf and We Grow securityholder approvals.

Under the definitive agreement, conditions with respect to the private placement financing of subscription receipts of We Grow to be completed prior to or concurrently with closing of the arrangement have been amended to remove any required minimum raise under the We Grow financing.

Westleaf is a Calgary, Alta.-based integrated cannabis company.

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