viewWeedMD Inc

WeedMD ups its convertible debenture sale to $12 million

The company is selling an additional 200 debenture units, priced at $1,000 each, to Mackie Research Capital

Hand putting a moneybag into another hand full of moneybags
Shares of WeedMD, which were halted Wednesday afternoon before the news was announced, resume trading Thursday at 11:30 am

WeedMD Inc (CVE:WMD) (OTCMKTS:WDDMF), which revealed Wednesday the sale of $10 million worth of convertible debentures, announced Thursday that an additional $2 million is now part of the deal. 

The company is selling 12,000 convertible debenture units to Mackie Research Capital worth $1,000 each for a grand total of $12 million in proceeds. 

Mackie has also been granted an over-allotment option, which would allow it to purchase an additional $1.8 million worth of units.

READ: WeedMD sells $10 million in convertible debenture units

Shares of WeedMD, which were halted Wednesday afternoon before the news was announced, resumed trading Thursday at 11:30 am.

Each unit contains a debenture with an 8.5% interest rate and 625 share purchase warrants, exercisable at a price of $1.80 per share. 

The principal of each debenture can be converted into common shares after 36 months. Should WeedMD shares trade above $3.60 for 20 days in a row, that timeline could be accelerated.

WeedMD stock slowed 4.5% Thursday to C$1.49 on the TSXV and 1.7% to US$1.15 on OTC Markets.

—Updated to include stock movement—

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: WeedMD Inc

Price: 0.345 CAD

Market: TSX-V
Market Cap: $72.54 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of WeedMD Inc named herein, including the promotion by the Company of WeedMD Inc in any Content on the Site, the Company receives from said issuer...


Buds & Duds: Cannabis stocks off to slow start to the holidays; WeedMD rises...

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, fell 1.8% to settle at 115.4 points. Elsewhere, the Horizons Marijuana Life Sciences Index ETF lost 2.1% at C$8.99, while the OTCQX Cannabis dropped 2.3% at 444.7 points. Buds today are WeedMD Inc...

on 2/12/19

2 min read