CTT PHARMACEUTICAL HOLDINGS, INC. CTT Pharmaceutical Holdings, Inc. (OTCPK:CTTH) announced a non-brokered private placement of convertible debentures for gross proceeds of $1,000,000 on May 22, 2018. The debentures bear interest rate of 5% per annum, payable semi-annually and will mature in three years from the closing date. The debentures are convertible into common shares at a fixed conversion price of $0.268.
The company will also issue warrants in the transaction. Each warrant provides the company with the right to purchase one common share at a price of $0.35. The transaction will include participation from Aurora Cannabis Inc. (TSX:ACB).
Post the closing, the investor will hold 9.14%. As a part of the round, the investor has the right to appoint one member to the board of directors of the company.
