representative work

Cassels Represent CLS in its Amendments to Convertible Debentures and Underlying Warrants

09/15/2022

On September 15, 2022, CLS Holdings USA, Inc. completed a debenture reorganization, including amendments to the terms of its outstanding US$13,219,150 principal amount unsecured convertible debentures issued December 12, 2018. Pursuant to the reorganization, amongst other things, CLS converted US$7,931,490 in principal amount of the debentures plus US$132,192 in accrued interest on the debentures into units at the reduced conversion price of US$0.07125 per unit, with each unit being comprised of one common share and one half of one common share purchase warrant; decreased the conversion price of the remaining debentures to US$0.10 per unit; amended the exercise price of the common share purchase warrants underlying the units; amended the interest payment dates; and extended the maturity dates of the debentures so that half of the remaining debentures mature on December 31, 2023 and the remaining debentures mature on December 31, 2024.

CLS also effected a 4-to-1 share consolidation effective at the opening of business on September 21, 2022.

Cassels acted as Canadian counsel to CLS.

__________
RELATED EXPERTISE: Securities