BioHarvest Sciences Inc. (CSE:BHSC, OTC:CNVCF) announced that its previously announced non-brokered private placement of up to C$6.3 million has been oversubscribed and has now been increased to up to C$10 million to further accelerate VINIA sales growth and its cannabis commercialization activities in North America.
The company said it plans to close the first tranche of no less than C$6.5 million by October 13, and to close a second tranche no later than November 15.
BioHarvest added that the notes' interest rate and conversion terms had changed to reflect changes in market conditions.
READ: BioHarvest Sciences reports record sales of VINIA in 3Q; cracks the US$1M mark
This includes that the notes now have a term of 24 months and accrue interest at a rate of 9% per annum.
The full updated terms of the notes can be found here.
Vancouver-based BioHarvest Sciences is the developer and exclusive owner of the proprietary and patent-protected BioFarming technology: the first and only industrial-scale plant cell technology capable of producing active plant ingredients without the necessity to grow the plant itself.
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