- BioHarvest Sciences (BHSC) has announced that its earlier-announced non-brokered private placement of up to C$6,300,000 has been oversubscribed
- As a result, it has now been increased to up to $10,000,000
- The company has also announced the interest rate, and conversion terms for the notes have changed to reflect changes in market conditions
- Vancouver-based BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology
- BioHarvest Sciences Inc. opened trading at $0.285 per share
BioHarvest Sciences (BHSC) has announced that its non-brokered private placement of up to C$6,300,000 has been oversubscribed.
As a result, it has now been increased to up to $10,000,000 in order to further accelerate VINIA sales growth and cannabis commercialization activities in North America.
The company has also announced the interest rate, and conversion terms for the notes have changed to reflect changes in market conditions as follows:
The notes have a term of 24 months and accrue interest at an annual rate of 9 per cent per annum.
The principal amount and the accrued interest will be convertible, at the option of the holder, at any time from the issuance of the notes into common shares at a price per common share equal to:
- $0.32, if the date of the receipt of such conversion notice by the company occurs between and including the closing date and the date that is 90 days following the closing date;
- $0.35, if the date of the receipt of such conversion notice by the company occurs between and including the dates that are 91 days following the closing date and 180 days following the closing date;
- $0.39, if the date of the receipt of such conversion notice by the company occurs between and including the dates that are 181 days following the closing date and 270 days following the closing date;
- $0.44, if the date of the receipt of such conversion notice by the company occurs between and including the date that is 271 days following the closing date and the date that is one day prior to the anniversary; or
- If the date of the receipt of such conversion notice by the company occurs on or following the anniversary:
- 75 per cent of the closing price of the shares on the principal exchange on which the shares are listed on the date of receipt of the conversion notice by the company if the closing price is $0.50 or less; or
- 80 per cent of the closing price if the closing price is $0.51 or greater.
In the event that the discounted conversion price is less than $0.26 per share, the conversion price will be equal to the floor price.
In the event that the discounted conversion price is greater than $0.65 per share, the conversion price shall not exceed:
- $0.65, if the date of the receipt of such conversion notice by the company occurs between and including the anniversary and the date that is 90 days following the anniversary;
- $0.75, if the date of the receipt of such conversion notice by the company occurs between and including the dates that are 91 days following the anniversary and 180 days following the anniversary;
- $0.85, if the date of the receipt of such conversion notice by the company occurs between and including the dates that are 181 days following the anniversary and 270 days following the anniversary; or
- $0.95, if the date of the receipt of such conversion notice by the company occurs between and including the date that is 271 days following the anniversary and the date that is one day prior to the maturity date.
The company intends to close the first tranche of no less than $6.5 million by October 13 and to close a second tranche no later than November 15.
Vancouver-based BioHarvest Sciences Inc. is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology.
BioHarvest Sciences Inc. (BHSC) opened trading at $0.285 per share.