Suche
 
Folgen Sie uns auf:

Cann Global Limited: Refinancing Extension of Notes and Re-investment

19.03.2020  |  ABN Newswire
Sydney, Australia - Cann Global Ltd. (ASX:CGB) is pleased to advise that the Company has entered into agreements for the refinancing of the convertible notes currently on issue through an assignment and variation arrangement (Refinancing) between the Company, L1 Capital Global Opportunities Master Fund (L1) and Obsidian Global GP, LLC (Obsidian), whereby Obsidian has agreed to buy out the convertible notes from L1 (Existing Notes).

Upon L1 receiving the funds from Obsidian, L1 has agreed to re-invest a further $862,000 (before costs) into the Company by way of a placement of $250,000 for 25,000,000 new shares at 1c per share (New Shares) (with with 1:1 free attaching 2.5c, 3 year options) and $612,000 in return for 680,000 new convertible notes issued jointly by CGB and CGB's wholly owned subsidiary Medical Cannabis Research Group Pty Ltd (MCRG) to be repaid in the first instance by MCRG in 8 months from the issue date, or otherwise by CGB (New L1 Notes).

Proceeds from the Capital-Raising are expected to be applied towards furthering the commercialisation of the MS research being undertaken by MCRG in conjunction with the Technion in Haifa, Israel, and for general working capital.

The New Shares will be issued at a price of $0.01 per share, while the New L1 Notes are to be issued with a face value of $0.90 per note and otherwise on the terms set out in Annexure 1*.

As set out in the annexure, the notes may be converted into ordinary shares of either MCRG (in the event that MCRG becomes separately listed) or, CGB. No decision has yet been made regarding any potential separate listing of MCRG. Any potential future listing of MCRG (and conversion of the notes into MCRG shares) is expected to be subject to ASX and shareholder approvals, including in relation to Listing Rule 11.4.

*To view further details, please visit:
https://abnnewswire.net/lnk/AMG7TQ52



About Cann Global Limited:

Cann Global Ltd.'s (ASX:CGB) primary focus is to legally grow and cultivate hemp to research and develop medicinal cannabis products to service an increasing demand in the Australian and global markets.

Cann Global Ltd. has a 100% shareholding in Medical Cannabis Ltd (MCL) and a management agreement with Medcan Australia Pty Ltd (Medcan) which operate a business cultivating, researching, developing and soon to be distributing medicinal cannabis products in Australia. Our Medical Cannabis division has been a key value driver for the Group.

The Group also retains an interest in its existing Bauxite Projects.



Source:

Cann Global Ltd.



Contact:

Cann Global Ltd. Neil Sweeney, Media and Investor Relations T: +61-2-8379-1832 E: media@canngloballimited.com WWW: www.canngloballimited.com


Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!




Mineninfo
Cann Global Ltd.
Bergbau
A2PDNF
AU0000038085
Minenprofile
Alle Angaben ohne Gewähr! Copyright © by GoldSeiten.de 1999-2021.
Die Reproduktion, Modifikation oder Verwendung der Inhalte ganz oder teilweise ohne schriftliche Genehmigung ist untersagt!

"Wir weisen Sie ausdrücklich auf unser virtuelles Hausrecht hin!"