Become A Featured Company

VIVO Cannabis Announces Agreement to Amend Outstanding Debentures

Ryan Allway

September 19th, 2022

News, Top News

Toronto, Ontario–(Newsfile Corp. – September 19, 2022) – VIVO Cannabis Inc. (TSX: VIVO) (OTCQX: VVCIF) (“VIVO” or the “Company“) has entered into an agreement dated September 15, 2022 with the majority beneficial owner of its outstanding unsecured convertible debentures dated February 28, 2018 in the aggregate principal amount of $5,546,808 (collectively, the “Debentures“) to amend the terms of the Debentures (the “Amendments“).

 

“We are pleased to have reached an agreement which mitigates our financial risk profile while allowing us to fulfill our obligations” said Ray Laflamme, CEO of VIVO. “This transaction provides flexibility for VIVO in the current market conditions to concentrate on our core objectives.”

 

The proposed Amendments provide for, among other things, (i) the extension of the maturity date from September 15, 2022 to September 15, 2024, (ii) an increase of the interest payable on the Debentures from 6.0% to 10.0%, and (iii) the prepayment of Debentures in the aggregate principal amount of $3 million, on a pro rata basis, in $500,000 installments, with the first such payment to be made within three business days after the execution of the Supplemental Indenture (as defined below) and the balance to be made every 30 days after the date of the Supplemental Indenture (with the last such payment expected to occur in February 2023).

 

The implementation of the Amendments is subject to receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange, and the Company entering into a third supplemental debenture indenture reflecting the Amendments (the “Supplemental Indenture“) with TSX Trust Company, the trustee under the debenture indenture, which the Company expects will be entered into prior to month end.

 

About VIVO Cannabis

VIVO Cannabis® is recognized for trusted, premium cannabis products and services. It holds production and sales licences from Health Canada and operates world-class indoor cultivation facilities. VIVO has a collection of premium brands, each targeting different customer segments, including Canna Farms™, Beacon Medical®, Fireside™, and Lumina™. Harvest Medicine™, VIVO’s patient-centric network of medical cannabis clinics, has serviced over 200,000 patient visits. VIVO is pursuing focuses its international efforts on Germany and Australia. For more information visit: www.vivocannabis.com

 

For further information:

VIVO Investor Relations
Michael Bumby, Chief Financial Officer
ir@vivocannabis.com

 

Instagram: https://www.instagram.com/vivo_cannabis/
LinkedIn: https://www.linkedin.com/company/vivo-cannabis-inc/
Facebook: https://www.facebook.com/vivocanna/
Twitter: https://twitter.com/vivo_cannabis

 

Disclaimer for Forward-Looking Information

All dollar amounts in this news release are in Canadian dollars. Certain statements in this news release are forward-looking statements, which are statements that are not purely historical, including statements regarding the beliefs, plans, expectations or intentions of VIVO and its management regarding the future. Forward-looking statements in this news release include statements regarding the expected timing of effectiveness of the Amendments, the expected benefits to the Company of the Amendments, and the proposed timing of the prepayments of certain of the Debentures as described above. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward‐looking statements, including that the Company may not obtain the required regulatory and third party approvals necessary to implement the Amendments in the time expected or at all. No assurance can be given that any of the events anticipated by the forward‐looking statements will occur or, if they do occur, what benefits the Company will obtain from them. The forward‐looking statements in this news release are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any such forward‐looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

 

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

Network Partners

Follow Us on Social Media

LinkedIn

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading