LEAMINGTON, Ont. – Cannabis company Tilray Brands Inc. has signed a definitive agreement in its proposed plan with rival Hexo Corp. first announced last month.<\/p>\n
Under the deal, Tilray will acquire the US$193 million in outstanding senior secured convertible notes that were issued by Hexo and held by funds affiliated with HT Investments MA LLC.<\/p>\n
The notes will be amended to include conversion rights at a price of 85 cents Canadian per Hexo share, a price that implies Tilray Brands would have the right to convert the notes into a 35 per cent stake in Hexo.<\/p>\n
Hexo will not receive any proceeds as a result of Tilray Brands’ purchase of the notes from HTI.<\/p>\n
When the proposed plan was announced on March 3, Tilray said it would acquire up to US$211 million in senior secured convertible notes that would be amended to include conversion rights at a price of 90 cents Canadian per Hexo share.<\/p>\n
The deal will also see Tilray and Hexo form a joint venture to provide shared services to both companies. They estimate total savings, which will be shared equally, are expected to be up to C$50 million within two years.<\/p>\n
This report by The Canadian Press was first published April 12, 2022.<\/p>\n
Companies in this story: (TSX:TLRY, TSX:HEXO)<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
LEAMINGTON, Ont. – Cannabis company Tilray Brands Inc. has signed a definitive agreement in its proposed plan with rival Hexo Corp. first announced last month. Under the deal, Tilray will acquire the US$193 million in outstanding senior secured convertible notes that were issued by Hexo and held by funds affiliated with HT Investments MA LLC. […]<\/p>\n","protected":false},"author":362,"featured_media":1263,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"guid":"","source":"The Canadian Press","byline":"The Canadian Press","published":"2022-04-12T03:59:43","updated":"2022-04-12T22:00:00","_infotelid":"IT90094","_prepressid":"90094","_multisite_post_sync":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[379,2,391,381],"tags":[],"region":[309,310,311,312],"class_list":["post-139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured3","category-in420","category-nonit","category-topnews","region-kamloops","region-kelowna","region-penticton","region-vernon"],"blocksy_meta":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/infonews.ca\/in420\/news\/139\/cannabis-company-tilray-brands-signs-definitive-agreement-in-hexo-deal\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Cannabis company Tilray Brands signs definitive agreement in Hexo deal","url":"http:\/\/infonews.ca\/in420\/news\/139\/cannabis-company-tilray-brands-signs-definitive-agreement-in-hexo-deal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/infonews.ca\/in420\/news\/139\/cannabis-company-tilray-brands-signs-definitive-agreement-in-hexo-deal\/"},"thumbnailUrl":"https:\/\/infonews.ca\/in420\/wp-content\/uploads\/sites\/3\/MediaItemID90094-5535.jpg?w=150&h=150&crop=1","image":{"@type":"ImageObject","url":"https:\/\/infonews.ca\/in420\/wp-content\/uploads\/sites\/3\/MediaItemID90094-5535.jpg"},"articleSection":"featured3","author":[{"@type":"Person","name":"Howard Alexander"}],"creator":["Howard Alexander"],"publisher":{"@type":"Organization","name":"iN420","logo":""},"keywords":[],"dateCreated":"2022-04-12T10:59:43Z","datePublished":"2022-04-12T10:59:43Z","dateModified":"2022-04-13T05:00:00Z"},"rendered":"