Nanaimo-based cannabis research, cultivation, production and distribution company Tilray intends to offer $400 million in convertible senior notes, according to a press release issued Wednesday.
The net proceeds from the offering will be used for working capital, future acquisitions and general corporate purposes, and to repay a $9.1-million existing mortgage related to its Nanaimo facility.
According to the release, the notes will be senior unsecured obligations of Tilray and will accrue interest payable semi-annually in arrears. They will be convertible into cash, shares of Tilray’s Class 2 common stock or a combination of cash and shares.
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