BODY & MIND INC. : Regulation FD Disclosure, Financial Statements and Supporting Documents (Form 8-K)
Section 7.01 Disclosure of FD Regulations
(the “Lender”), dated
The Company entered into a second amendment to the Loan Agreement (“Amendment No. 2 to the Loan Agreement”) to extend the maturity date by one year until
in funds will be advanced to the Company. The Company’s ability to draw on the Deferred Drawn Term Loan is subject to compliance with certain provisions of the Loan Agreement, including the provision of a satisfactory budget approved at the Lender’s sole discretion. Amendment No. 2 to the loan agreement increases the interest rate on funds advanced from 13% to 15% per annum, which additional interest of 2% may be paid in kind, with interest payable on the first day of each month. Amendment No. 2 to the loan agreement provides for an exit fee equal to 1.5% of the principal balance, which is due and payable upon any payment, partial or total, of the initial term loan and the loan deferred draw term.
In partial consideration for Amendment No. 2 to the Loan Agreement, the Company issued 1,000,000 common stock purchase warrants (each, a “Warrant”) to the Lender. Each Warrant entitles its holder to purchase Common Shares (each, a “Warrant Share”) at an exercise price of
Amendment No. 2 to the Loan Agreement contains additional features and requirements and the material terms will be described in a current report on Form 8-K to be filed by the Company on or about
“The extension of our current lending facility aligns with our development program and provides flexibility for future opportunities,” said
A copy of the press release is attached as Exhibit 99.1 hereto.
Item 9.01 Financial statements and supporting documents
(d) Exhibits Exhibit Description 99.1 News Release dated
June 15, 2022. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) 3
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