Wildflower Marijuana Inc. has received subscriptions for a convertible debenture financing in the amount of $2.0-million. The debentures will have a maturity date of two years from the closing date of the offering and will bear interest from the date of closing at 8.5 per cent per annum, payable semi-annually. The convertible debentures will be convertible, at the option of the holder, into units of the company at any time prior to the close of business on the last business day immediately preceding the maturity date at a conversion price of 85 cents per unit. Each unit will comprise one common share and one share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $1.50 for a period of two years from the date of issue of the convertible debentures. The company may force the conversion of the principal amount of the then outstanding convertible debentures at the conversion price on not less than 30 days of notice should the daily volume weighted average trading price of the common shares be greater than $2.25 for any 20 consecutive trading days.
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