Hexo announces C$70M private placement of convertible debentures
Hexo Corp announced that it has entered into subscription agreements with a group of investors pursuant to which the investors have agreed to purchase, on a private placement basis, C$70M principal amount of 8.0% unsecured convertible debentures of the company. The group of investors includes, but is not limited to, Sebastien St-Louis, CEO and co-founder of Hexo Corp, as well as Board members Dr. Michael Munzar, Vincent Chiara, Nathalie Bourque and Adam Miron. The company has also announced that in light of the financing and additional time required to finalize its year end filings, the company has rescheduled the release of its fourth quarter and full year ended July 31, 2019 financial results to October 28, 2019 and its earnings call to discuss these results to 8:30 a.m. EDT on Tuesday, October 29. "The confidence in HEXO Corp that this C$70 million private placement demonstrates is a testament to the value the company is expected to bring to shareholders. We remain focused on garnering significant market share, driving growth, and in shaping this company into a mature, resilient and valued leader in our industry," said Sebastien St-Louis, CEO and co-founder of Hexo Corp.