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Calgary, Alberta--(Newsfile Corp. - November 29, 2021) - Discover Wellness Solutions Inc. (CSE: WLNS) ("Discover Wellness", "DWS" or the "Company"), a licensed producer and processor under the Cannabis Act (Canada), announces that it has extended the maturity date of the secured notes originally issued on September 13, 2019 (the "Secured Notes"). The Secured Notes' maturity date had been extended several times to October 31, 2021. Through a recently completed negotiation with the third-party noteholders, the Secured Notes have been extended to October 31, 2022. Terms during the extension period includes an annual accrued interest rate of 15% and a conversion option for the noteholder to elect to convert the outstanding balance plus accrued interest on the Secured Notes into Discover Wellness common shares at $0.10 per common share. The related-party noteholders have accepted the terms negotiated with the third-party noteholders. The Secured Notes remain secured against the Company's Newell property and early repayment by the Company is allowed without penalty.
Discover Wellness Solutions Inc.
Discover Wellness is a Canadian company licensed, through its subsidiary, to cultivate, produce, process and sell cannabis in various forms. The Company's vision is to enhance shareholder value by establishing cost leadership in hemp processing and CBD extraction coupled with a global distribution strategy.
More information about WLNS is available online at https://discoverwellness.solutions/
Peter Cheung, Interim Chief Executive Officer and Chief Financial Officer
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"). By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, operational risks, competition from other industry participants, stock market volatility, and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, its forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. Risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our public disclosure documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Trading in the securities of WLNS should be considered highly speculative.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105481