Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) (“Cansortium” or the “Company”), a vertically-integrated cannabis company operating under the Fluent™ brand, today provided notice that it has exercised its first equity cure right under its previously announced $71 Million Credit Agreement.
The net proceeds from its US$2.5 million equity private placement announced on December 6, 2021 will be deemed to have occurred during the quarter ended September 30, 2021 for purposes of EBITDA used in the calculation of the Consolidated Interest Coverage Ratio, which is required to be 2.00:1.00. The Company is entitled to exercise its equity cure right for up to two consecutive quarters.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Cansortium in any jurisdiction in which such offer, solicitation or sale would be unlawful.
