Mr. John Gorst reports
IONIC ANNOUNCES AMENDMENTS TO ITS SECURED CONVERTIBLE DEBENTURES
Ionic Brands Corp. has amended and restated the indenture dated Dec. 20, 2019, as supplemented by a supplemental indenture on Feb. 21, 2020, and a second supplemental indenture on April 20, 2021, between the company and Odyssey Trust company governing the company's 10 per cent secured convertible debentures, amended to, among other things: (a) extend the maturity date of the debentures from May 16, 2022, to May 16, 2023; (b) remove certain purchase, conversion and redemption rights upon a change of control; (c) postpone the interest payment payable on June 30, 2022; and (d) to release all securities pledged by certain shareholders under certain securities pledge agreements, all as further set out and subject to the third supplemental indenture between the company and the trustee dated May 13, 2022. A copy of the third supplemental indenture is available on the company's SEDAR profile page.
About Ionic Brands Corp.
The company is focused on building a multistate consumer-focused cannabis concentrate brand portfolio, focusing on the premium and luxury segments. The cornerstone brand of the portfolio, Ionic, is one of the top-three vaporizer and concentrate brands in Washington State along with Zoots portfolio of high-quality edibles, and has aggressively expanded throughout the west coast of the United States. The brand is currently operating in Washington and Oregon with licensing agreements in Illinois and Massachusetts. Ionic Brands' strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally.
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