CannabisNewsBreaks – Canopy Rivers Inc. (TSX: RIV) (OTC: CNPOF) Subsidiary Modifies TerrAscend Canada Loan Terms
Feb 5, 2020
Canopy Rivers (TSX: RIV) (OTC: CNPOF), a venture capital firm specializing in cannabis, this morning announced that Canopy Rivers Corporation, a wholly-owned subsidiary of the company, has amended the terms of its recent US$10 million loan to TerrAscend Canada Inc., a wholly‑owned subsidiary of TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF). The loan, announced October 2, 2019, included the purchase of 13,243 units, each of which was comprised of: (i) one unsecured convertible debenture of TerrAscend Canada with a principal amount of C$1,000 (the “debentures”), and (ii) 25.2 common share purchase warrants to purchase common shares of TerrAscend with an exercise price of C$6.49. Following the announcement of the loan and following discussions with the Toronto Stock Exchange (the “TSX”), Canopy Rivers, TerrAscend Canada, and TerrAscend decided to amend certain terms of the loan. Pursuant to the amended terms, the debentures have been converted into a C$13,243,000 loan agreement between Canopy Rivers and TerrAscend Canada. Interest on the principal amount advanced accrues at a rate of 6% per annum and all interest payments made are payable in cash by TerrAscend Canada. The loan is not convertible and is not guaranteed by TerrAscend. The principal amount matures on October 2, 2024 or an earlier date in accordance with the terms of the loan agreement. Additionally, TerrAscend has issued Canopy Rivers 2,225,714 common share purchase warrants that are exercisable upon the occurrence of certain triggering events, including (i) the amendment or removal of federal laws in the United States enabling the legal cultivation, distribution and possession of marijuana; and (ii) the stock exchange(s) on which securities of Canopy Rivers or its affiliates are listed permit the investment by Canopy Rivers in an entity that participates in the cultivation, distribution and possession of marijuana in the United States. The exercise price for the warrants, which expire on October 2, 2024, is C$5.95 each. The original warrants remain issued and outstanding.
To view the full press release, visit http://cnw.fm/X45dS
About Canopy Rivers Inc.
Canopy Rivers is a venture capital firm specializing in cannabis. Its unique investment and operating platform is structured to pursue investment opportunities in the emerging global cannabis sector. Canopy Rivers identifies strategic counterparties seeking financial and/or operating support. Canopy Rivers has developed an investment ecosystem of complementary cannabis operating companies that represent various segments of the value chain across the emerging cannabis sector. As the portfolio continues to develop, constituents will be provided with opportunities to work with Canopy Growth Corporation (TSX: WEED, NYSE: CGC) and collaborate among themselves, which Canopy Rivers believes will maximize value for its shareholders and foster an environment of innovation, synergy and value creation for the entire ecosystem. For more information, visit the company’s website at www.CanopyRivers.com.
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