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Simply Better Brands Corp. (OTCQB:PKANF) (TSX:SBBC) has entered into a debt settlement arrangement with Heavenly Rx LLC, pursuant to which the company has agreed to issue an aggregate of 140,351 common shares at a deemed price of $4.20 per share.
The total amount of indebtedness settled by this arrangements is $589,474.20, for principal and interest owed by the company to Heavenly Rx LLC pursuant to a promissory note dated March 3, 2021. The company decided to satisfy this outstanding indebtedness with shares in order to preserve its cash for operational purposes.
This arrangement is subject to the approval of the TSX Venture Exchange. The company will issue these shares, which are subject to a four month hold period, once approval has been received from the exchange.
Photo by CRYSTALWEED cannabis on Unsplash
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