FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


MedMen, Gotham Green Partners Close Additional Funding Tranche

May 23, 2019, 08:46 AM
Filed Under:

MedMen Enterprises Inc. announced that, further to its press release dated April 23, 2019, MedMen has been advanced an additional US$80,000,000 in gross proceeds pursuant to the US$250,000,000 secured convertible credit facility with Gotham Green Partners, an investor in the global cannabis industry.

MedMen has issued to the lenders additional convertible senior secured notes, co-issued by the Company and MM CAN USA, Inc., a subsidiary of the Company, with a conversion price per Subordinate Voting Share of the Company equal to US$3.29 per share. The lenders have also been issued 10,399,851 share purchase warrants of the Company, each of which is exercisable to purchase one Subordinate Voting Share of the Company for a period of 36 months from the date of issue. The number of Warrants issued represents an approximate 50% Warrant coverage. The exercise price of 75% of such Warrants is US$3.718 per share, with the remaining 25% of such Warrants having an exercise price per share equal to US$4.29. As additional consideration for the purchase of the Notes, at the time the lenders were paid an advance fee of 1.5% of the principal amount of the Notes purchased.

The Notes and the Warrants, and any Subordinate Voting Shares issuable as a result of conversion of the Notes or exercise of the Warrants, will be subject to a four month hold period from the date of issuance of such Notes or such Warrants, as applicable, in accordance with applicable Canadian securities laws.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.