Cann Global Issues Secured Convertible Notes to Support Expansion

  • Nov 05, 2019 AEDT
  • Team Kalkine

Cann Global Limited (ASX: CGB) agreed to issue 2,600,000 secured convertible notes to raise $2.22 million after costs. Proceeds from the issue of notes are expected to be used for further build-up of inventory and production to meet the growing demand of the existing inventory.

The Notes have an initial term of 120 days. A resolution is to be put to the company’s shareholders to approve the issue of the replacement convertible notes with longer term at a General meeting of shareholders expected to be held during the first quarter of 2020.

Concurrently, Cann Global will issue 25,000,000 fully paid ordinary shares to investors, as collateral for the investment under the notes and are not additional shares issued to the investors by way of a fee.

 

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