Innovative Properties Inc., dba Nabis Holdings, (CSE: NAB) (OTC: INNPF) (FRA: 7IP) recently announced the completion of a private placement offering of debenture units of Nabis at the issue price of C$1,000 each for gross proceeds of $35,088,000, which includes the partial exercise of the Agents’ option. Each debenture unit consists of 1,111 common share purchase warrants and C$1,000 principal amount of unsecured convertible debentures that will mature on March 26, 2022 and will bear interest at 8.0% per annum, payable on the last day of each calendar quarter. Each warrant is exercisable to acquire one common share of Nabis at an exercise price of C$1.10 each until the maturity date, March 26, 2022. At the option of the holder, the convertible debentures are convertible at a price of C$0.90 per common share at any time prior to the maturity date. If the daily volume weighted average trading price of the shares on the Canadian Securities Exchange (“CSE”) exceeds C$1.65 for the preceding 10 consecutive trading days at any time after July 27, 2019, the company may force the conversion of all the principal amount of the outstanding convertible debentures. If the daily volume weighted average trading price of the shares on the CSE exceeds C$2.50 for the preceding 10 consecutive trading days, the company may accelerate the expiry date of the warrants. If the company chooses to exercise its warrant acceleration right, the new expiry date will at least 30 days following the notice of such exercise. The offering was co-led by Canaccord Genuity Corp. and Eventus Capital Corp., together with a syndicate of agents that included Desjardins Securities Inc. The agents received a cash commission of 6% of the gross proceeds of the offering, plus expenses, including legal fees. The agents also received 1,855,334 broker warrants, which consist of one common share and one warrant, each carrying the right to purchase one unit at a price of $0.90 each until March 26, 2021. The company intends to use the net proceeds from the offering toward funding cannabis related investments, strategic investment opportunities and for general working capital purposes.
To view the full press release, visit http://nnw.fm/adgJ8
About Innovative Properties Inc.
Innovative Properties Inc. (dba Nabis Holdings) is a Canadian investment issuer that invests in high quality cash flowing assets across multiple industries, including real property, securities, cryptocurrency, and all aspects of the U.S. and international cannabis sector. Led by two of the co-founders of MPX Bioceutical (CSE: MPX), one of the largest takeovers in the U.S. Cannabis space to date, the company has proven track record in emerging markets to create significant shareholder value. The company is focused on investing across the entire vertically integrated aspects of the space with a focus on revenue generation, EBITDA and growth. For more information, visit the company’s website at www.NabisHoldings.com.
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information please visit https://www.NetworkNewsWire.com