European High Growth Opportunities Securitization Fund announced Monday it has converted C$160,000 of Braingrid Limited (CSE:BGRD) debentures of its total C$850,000 of debentures, as well as selling a total of 6 million shares.
The fund is run by London-based money manager Alpha Blue Ocean Inc. According to the terms of the financing, Braingrid issued $850,000 in convertible debentures, and share purchase warrants to acquire up to 14.8 million common shares of the company in June.
READ: Braingrid keen to be a global player as its focus shifts to cultivation analytics in precision agriculture
After the move, the fund now holds $530,000 of Braingrid debentures and 14.8 million warrants, representing 30.1% of the issued and outstanding shares on a non-diluted basis and 23.2% of the issued and outstanding shares on a diluted basis.
Toronto-based Braingrid provides grow analytics by capturing real-time data using its technology platform to increase revenues, reduce costs, risks and improve yield for cannabis-licensed producers.
Shares of Braingrid were on the rise Monday, up 20% at C$0.03.
Contact Katie Lewis at [email protected]