Rubicon Organics Inc., a licensed producer focused on cultivating and selling organic certified and premium cannabis, is pleased to announce that, subject to TSX Venture Exchange approval, the Company has agreed to extend the maturity date of a previously announced US$8 million principal amount secured debenture (the “Debenture”) to Green Island Investments Ltd. (the “Financier”) by approximately 18 months, from June 29, 2023, to December 31, 2024 (the “Extension”).
In addition, the interest rate of the Debenture will increase from 6.5% to 7.5% on July 1, 2023, the Company will not repay the Debenture in full or in part on or before June 30, 2023, and all other terms of the Debenture will remain in full force and effect. In connection with the Extension, the Company paid to the Financier a cash fee of US$40,000 and issued 882,000 warrants to the Financier. Each warrant entitles the Financier to purchase one common share in the capital of the Company at an exercise price of $1.34 per common share and expires on December 31, 2025. The terms of the original 907,000 warrants that were granted on June 29, 2021 remain unchanged.
About Rubicon Organics Inc.
Rubicon Organics Inc. is the global brand leader in premium organic cannabis products. The Company is vertically integrated through its wholly owned subsidiary Rubicon Holdings Corp, a licensed producer. Rubicon Organics is focused on achieving industry leading profitability through a focus on differentiated product innovation and brand portfolio management, including its flagship super-premium brand Simply Bare™ Organic, its premium flower and hash brand 1964 Supply Co™, its premium concentrate brand LAB THEORY™, and its mainstream brand Homestead Cannabis Supply™. The Company ensures the quality of its supply chain by cultivating, processing, branding and selling organic certified, sustainably produced, super-premium cannabis products from its state-of-the-art glass roofed facility located in Delta, BC, Canada.
