Zola Global Investors Ltd. announced that it has acquired 9,095 units of Cansortium Inc. in a brokered private placement at a price of US$1,000 per Unit for gross proceeds of US$9,095,000. Each unit consists of: (a) a senior secured convertible debenture having a principal amount of US$1,000, convertible for a period of two years at the holder’s option into common shares of Cansortium at a price of US$2.10 per common share; and (b) 292 common share purchase warrants, each of which entitles the holder to acquire one common share at an exercise price of US$2.40 per common share (subject to adjustment in certain circumstances) at any time prior to March 21, 2021.
Zola is acquiring the units for investment purposes. Depending on market conditions and other factors, including Cansortium’s business and financial condition, Zola may acquire additional securities of Cansortium or dispose of some or all of the securities of Cansortium that it owns at such time.
Zola is an operationally focused family office that deploys capital to help management teams build lasting and sustainable businesses, primarily in the legal cannabis industry globally. Zola invests across the sector, with a focus on intellectual property, including brands, technology, value-added products and defensible positions in the supply chain.
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