Delta 9 launches 8.5% three-year convertible debenture units

By Abigail W. Adams

Portland, Me., June 17 – Delta 9 Cannabis Inc. has launched an offering of 8.5% three-year convertible debenture units, according to a company news release.

Mackie Research Capital Corp. is bookrunner for the offering, which carries a greenshoe of 15% of the principal amount, and will be marketed via short-form prospectus in all provinces of Canada, except Quebec.

The units will consist of one 8.5% convertible debenture due 2022 with a conversion price of C$1.21 and 826 common share purchase warrants with a strike price of C$1.33.

The warrants expire in 2022. The company may accelerate the expiration date of the warrants if the volume weighted average trading price of stock exceeds C$2.33.

The notes are putable upon a change of control. They are callable if more than 90% of the principal amount has been redeemed.

Delta 9 Cannabis is a Winnipeg, Man.-based vertically integrated cannabis company.

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