Indiva Limited (TSXV: NDVA) has announced it has concluded the last tranche of non-brokered privately placed unsecured convertible debt financing for $1,040,000, bringing total funds raised to $3,155,000 for the financing. Indiva plans to use the funds raised from the offering for equipment purchases, capital expenditures, and working capital purposes.
As per earlier news releases, the entirety of the second tranche debt securities have a maturity date three years after the issuance date of January 20, 2020, at a price of $1,000 per security. The debentures bear a 10% interest rate, compounded annually, and security holders will receive interest payments semi-annually.
At maturity, the debenture holder has the option to convert the securities at a conversion price of $0.20 per share which equates to 5,000 common shares per unit. No warrants were issued in connection with the financing.
Indiva is a Canadian cannabis company located in London, Ontario, and concentrates on cultivating, extraction, and the manufacture of craft cannabis edibles.
Indiva Limited is currently trading at $0.28 on the TSXV.
Information for this briefing was found via Sedar and Indiva Limited. 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.