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Goodfood Market Corp. 5.75% Convertible Debenture New Issue

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Goodfood Market Corp. (FOOD:TSX) is issuing $30M of 5.75% convertible unsecured subordinated convertible debentures. The conversion price is $4.70 compared to the current share price of $3.15, a premium of 49% premium.

The proceeds will be used to fund the buildout of a new Toronto production and distribution facility, further investment in the automation of its existing production facilities in Montreal, Calgary and Vancouver

The Debentures mature on Mar-31-2025. They have the option to repay the debentures in shares at maturity. The Debentures will not be redeemable at the option of the issuer before Mar-31-2023. After Mar-31-2023 and prior to Mar-31-2024 the debentures are redeemable at par providing the share price is 125% of the conversion price. After Mar-31-2024 and up to maturity the debentures are redeemable at par.

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