BC Craft Supply Blows Out Post-Consolidation Share Structure

BC Craft Supply Co (CSE: CRFT), formerly known as Pasha Brands, has already begun blowing out its share structure following the share consolidation it conducted on March 27. Only 16,216,615 common shares remained outstanding following the firms 1 for 12 share consolidation.

However, that figure was -very- short lived. The company announced a number of dilutionary events this morning, which has completely blown the share structure up, largely negating the prior consolidation. In summary, BC Craft Supply issued the following units:

  • 36,021,420 common shares at a price of $0.27, along with 36,021,420 warrants, with an exercise price of $0.275. The issuance settled $9.9 million in principal and interest on convertible debentures.
  • 28,000,000 common shares issued at $0.07 to settle $1.96 million in debt.
  • $3.25 million in convertible debentures reduced to a conversion price of $0.60 per unit and an extended maturity of 18 months, with each unit having one common share and one purchase warrant, exercisable at $1.20 per share.

Further to this, the company has returned certain assets of its subsidiary Baked Edibles to the vendor as a means of eliminating $1.25 million in debt related to that acquisition. Its unclear what assets remain for the acquisition, which the company has paid $3.0 million in cash for already, along with 393,519 common shares on a post-consolidated basis.

Lastly, BC Craft Supply Co has returned the assets associated with CBD Therapeutics as a means of settling $2.75 million in debt. This was done through the transfer of ownership of 1160988 B.C. Ltd. which owns all assets related to CBD Therapeutics. This is despite the company already having issued in excess of $1.94 million in cash payments for the questionable property, as well as 4.16 million common shares on a post consolidated basis. The kicker here, is that 1,459,173 common shares owned by the original vendors have also now been released from escrow and are free trading.

Following these events, the company is believed to have at least 80.2 million shares outstanding, in addition to at least 36.0 million warrants outstanding. The company identified that it has settled $19.5 million in outstanding debt in exchange for all the measures taken.

BC Craft Supply Co last traded at $0.19 on the CSE.


Information for this briefing was found via Sedar and BC Craft Supply Co. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Gold Drilling Scaled to 60,000 Meters: How Big Can This Get? | Roger Rosmus – Goliath Resources

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

BC Craft Supply Becomes The Latest Cannabis Operator To Move To Psychedelics

BC Craft Supply Co (CSE: CRFT) is looking to do anything to remain relevant, with...

Monday, January 18, 2021, 08:19:19 AM

World Class Extraction, And Its Place In The Cannabis Capital Ecosystem

We begin our extended metaphor in August of 2017, when first mover potcos were the...

Sunday, August 2, 2020, 09:00:00 AM

Pasha Brands Signs Supply Deal with Fifth Micro Cultivator

Pasha Brands (CSE: CRFT) announced this morning that it had signed a micro-cultivator deal with...

Wednesday, October 9, 2019, 03:06:52 PM

BC Craft Supply Co Files Notice Of Intention Under Bankruptcy & Insolvency Act

Well, it appears that even a 100 to 1 share consolidation couldn’t save BC Craft...

Wednesday, January 26, 2022, 07:47:23 AM

BC Craft Supply Announces 100 To 1 Share Consolidation After Consolidating Just Last Year

Less than two years. That’s the time it took BC Craft Supply Co (CSE: CRFT)...

Friday, December 17, 2021, 08:17:06 AM