Cannara Biotech announces proposed setllement of convertible debenture

Cannara Biotech (LOVFF) announced its intention to settle an aggregate of approximately $6.2M of indebtedness, consisting of $4.7M in principal and approximately $1.5M in accrued interest, under its convertible debenture issued to Olymbec Investments and subsequently amended on August 31, 2023, January 30, 2024, and February 21. The Olymbec Convertible Debenture was originally issued in the total principal amount of $5.7M. As previously disclosed on June 18, 2025, the Company repaid $1M, thereby reducing the outstanding principal to $4.7M. The Company proposes to satisfy the outstanding indebtedness through the issuance of 3,462,763 common shares of Cannara, 851,652 of which represent the repayment of interest owing, at a deemed issuance price of $1.80 per Common Share, in accordance with the terms of the Olymbec Convertible Debenture.