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Australis Capital set to convert C$1.6 million in Body and Mind debentures

The firm has agreed to convert the debentures which amount to C$1.6 million at C$0.55 a share
Cannabis plants
The firm has assets in the cannabis industry

Australis Capital Inc (CSE:AUSA) (OTCMKTS:AUSAF) revealed it will hold 37.71% of the firm Body and Mind Inc's (CNSX:BAMM) shares after agreeing to convert debentures.

The firm has agreed to convert the debentures which amount to C$1.6 million at C$0.55 a share on July 1 next year. They were originally acquired in a private placing at the tail end of 2018.

READ THE DEEP DIVE: Australis Capital poised to take advantage of the rapidly growing US cannabis market

It means that Australis will acquire over 2.9 million shares in Body and Mind.

In consideration for its agreement to convert the debentures, Body and Mind paid Australis C$148,339.72 as an advanced payment of interest payable under the debentures for the period from November 2 last year to July 1, 2020

In a brief statement, Australis said it agreed to acquire the shares for investment purposes.

The Nevada-headquartered firm has nine assets in the cannabis industry, four of which are wholly-owned. This includes brands, such as Body & Mind, Mr. Natural and Green Therapeutics.

In addition to this, the company has invested in cannabis tracking and loyalty app developer rthm and Wagner Dimas, which holds a number of patents for industrial-scaled pre-roll machines.

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