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Friday Night closes $5.5mln debenture financing

Last updated: 10:03 17 Aug 2017 EDT, First published: 05:03 17 Aug 2017 EDT

canadian_dollar
Each convertible debenture unit consists of a $1,000 principal amount 10% senior unsecured convertible debenture and 4,000 share purchase warrants

Friday Night Inc (CNSX:TGIF) has closed its C$5.5mln offering, which will help it expand production capacity in Las Vegas, it said.

The cannabis- focused firm issued convertible debenture units at $1,000 a throw.

Each convertible debenture unit consists of a $1,000 principal amount 10% senior unsecured convertible debenture and 4,000 share purchase warrants.

Chief executive of Friday Night Inc Brayden Sutton said: "This placement allows us to aggressively implement our plans to increase our production capacity in Las Vegas.

"Management of the company believes that there is an unmet market for our products that we can fill as soon as we can increase production. AMA and Infused continue to shine, and I am beyond pleased with how things are shaping up for the next several quarters and beyond."

Each warrant is exercisable to acquire one share at an exercise price of 35 cents until August 16, 2019.

The convertible debentures bear interest from the date of closing at 10%per year, payable in company shares at a deemed price of 25 cents, semi-annually on June 30 and December 31 of each year and will expire on August 16, 2019.

Friday Night plans to use the net proceeds of the offering for expanding its growing operations in Las Vegas and for general corporate purposes.

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