Digicann buys back $14.22 million of 10% convertibles

By Mary-Katherine Stinson

Lexington, Ky., Oct. 30 – Digicann Ventures Ltd. negotiated and closed the repurchase of C$14,218,000 total principal of 10% senior unsecured convertible debentures for a total purchase price of C$1.6 million, according to a news release.

Only C$1 million of the debentures remain outstanding.

The repurchases represent over 93% of the debentures currently outstanding on the company’s balance sheet.

Digicann noted that this transaction “significantly improves” its overall financial condition going forward.

The company also announced that it has granted 1,542,559 restricted share units to certain company directors and officers under a plan approved by company shareholders.

As previously reported, the maturity date of the 10% convertibles had been extended by one year to March 12, 2024.

Digicann, formerly Agra Ventures Ltd. and AgraFlora Organics International Inc., is a Vancouver, B.C.-based global cannabis company.

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