Toronto, Ontario--(Newsfile Corp. - April 11, 2023) - FinCanna Capital Corp. (CSE: CALI) (OTCQB: FNNZF) ("FinCanna" or the "Company") announces that it has received Debenture Holder approval to amend its outstanding Convertible Debentures to allow, for up to two more consecutive quarters, interest payments under the Convertible Debentures to be satisfied with the issuance of common shares of the Company, a third (or more) consecutive quarter of satisfying interest payments with the issuance of common shares of the Company will require further Debenture Holder approval and is subject to the approval of the Canadian Securities Exchange. The Company has elected to issue shares to satisfy convertible debenture interest payments due April 6, 2023 and April 10, 2023 (the "Interest Payment Dates").
The Company previously issued Convertible Debentures, as amended from time to time, in February 2019 and July 2020. The Convertible Debentures, as amended, mature on January 10, 2024 and February 8, 2024, respectively, and bear interest at 12% per annum.
The Common Shares were issued at $0.005 per Common Share on the Interest Payment Dates.
The issuance of the Common Shares as payment for interest owing on the Debentures is subject to the terms and conditions of the Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the Canadian Securities Exchange ("CSE"). If required by the CSE, the Common Shares issued in consideration for the interest owing on the Debentures will bear the appropriate legends.
About FinCanna Capital Corp.
FinCanna was an investment company providing growth capital to rapidly emerging private companies operating in the licensed U.S. cannabis industry. FinCanna no longer has active business operations. For additional information visit www.fincannacapital.com and FinCanna's profile at www.sedar.com.
FinCanna Capital Corp.
Vern Vipul, CEO and Director
416-545-9103
vvipul@wealthstewards.ca
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about the details of debenture amendments.
With respect to the forward-looking information contained in this news release, FinCanna has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; the ability of the new management team to successfully restructure FinCanna, and continued economic and market stability. While FinCanna considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause FinCanna's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory filings may not be filed or approved on a timely basis, or at all; FinCanna may not implement the Consolidation on a timely basis, or at all. A more complete discussion of the risks and uncertainties facing FinCanna is disclosed in FinCanna's most recent management discussion & analysis and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and FinCanna disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162027
