CannabisNewsBreaks - VIVO Cannabis Inc. (TSX: VIVO
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VIVO Cannabis (TSX: VIVO) (OTCQX: VVCIF) today announced that it has re-purchased for cancellation certain of its outstanding 6% unsecured convertible debentures in the aggregate principal amount of $10 million, for a purchase price of $9.3 million (plus accrued and unpaid interest thereon), representing a 7% discount to the face value, pursuant to an agreement with the holder thereof. The company, as a result of the repurchase, now has Debentures in the aggregate principal amount of $24.5 million due February 28, 2021. “As evidenced by our recent financial results, VIVO continues to enjoy a strong cash position,” VIVO's Chief Executive Officer Barry Fishman said in the news release. “Repurchasing these debentures at a 7% discount, together with the termination of future interest that would otherwise have accrued to the maturity date of February 28, 2021, will result in savings to VIVO of between approximately $1.25 million and $1.43 million, which will further enable us to pursue our goals of increasing shareholder value and becoming profitable.”
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