Harvest Health Announces Secured Note Financing with US$90 Million Commitment

Harvest Health & Recreation (CSE: HARV) this morning announced that it will be conducting a financing in the form of secured notes, of which it has received commitment letters for at least US$90 million. Harvest has received signed commitments from a group of lead investors to subscribe for this amount, while the offering may in fact close with additional investment dollars.

The offering will be conducted on a private placement basis and consist of a) senior secured notes, referred to as the coupon notes, and b) units consisting of US$1,000 in senior secured notes. Collectively referred to as the notes, each note will contain 109 common share purchase warrants, with an expiry of three years. Conversion pricing for the warrants was not provided.

The notes are to expire after a period of three years, and will contain several restrictions on the operations of Harvest. Restrictions include the incurrence of debt, asset sales, and dividends and other distributions. Harvest will also be required to repurchase the notes at an undiscloed premium in certain instances.

The secured notes will contain a first priority security interest on specified assets of Harvest and certain subsidiaries.

The terms of the notes however are subject to change upon the signing of a definitive agreement for the financing with interested parties. A date was not provided for the anticipated closing of the financing arrangement.

The offering is expected to allow Harvest Health to expedite its expansion and operational efforts.

Harvest Health last traded at $3.37 on the CSE.


Information for this briefing was found via Sedar and Harvest Health and Recreation. 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

300% RETURNS! The Junior Mining Stocks About To Explode In This Gold Bull Market | John Feneck

Why the Government Actually WANTS Gold Prices to Explode Higher | Tavi Costa

$30,000 GOLD: How Trump’s Policies Could Trigger The Next Price Explosion | Simon Marcotte

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Harvest Health’s Agrimed Sees Cultivation License Revoked in Pennsylvania

Harvest Health & Recreation (CSE: HARV) was dealt a blow today in the state of...

Monday, July 29, 2019, 08:16:11 PM

Harvest Health Increases Bought Deal To C$40 Million

It seems our article in connection to US cannabis financing yesterday was quite timely. After...

Thursday, October 22, 2020, 09:45:08 AM

Harvest Health Reports US$88.8 Million In Revenue, US$26.9 Million Net Loss For Q1 2021

Harvest Health & Recreation Inc. (CSE: HARV) reported this morning its financial results for Q1...

Monday, May 10, 2021, 08:26:30 AM

Harvest Health and Torian Capital Walk Away from $225 Million Financing

Harvest Health and Recreation (CSE: HARV) announced this morning that its $225 million million loan...

Wednesday, November 20, 2019, 08:34:31 AM

Stifel Releases Third Quarter Earning Preview For US Multi State Operators

Last week Stifel released their Q3 earnings preview for all the MSO’s while stating that...

Sunday, November 1, 2020, 01:43:00 PM