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MTL Cannabis Corp. Announces Extension of Indebtedness and Warrant Repricing
December 12, 2023 By Grow Opportunity Staff
(CNW) Pickering, Ont. — As consideration for the extension of $4,166,666.33 in indebtedness owed to Gestion-R RB50 Inc. otherwise due and payable on December 12, 2023 to a new maturity date of April 30, 2024, the MTL Cannabis Corp. has agreed to amend the exercise price and expiry date of 333,333 common share purchase warrants of the company held by such lender.
The exercise price of the warrants will be reduced from $1.20 per common share to $0.66 per share. Further, as required under the policies of the Canadian Securities Exchange, the warrants will also be amended to include a clause where, if the closing price of the common shares for ten consecutive trading days exceeds $0.825 per share, the expiry date of the warrants will be automatically accelerated without any further action on the part of the company or the holder of the warrants to a date that is 30 days following the end of the accelerated period.
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