The notes will be amended to allow Tilray Brands to exercise conversion rights at a price of 90 cents Canadian per Hexo share.
The conversion price implies that Tilray Brands would have the right to convert the notes into a 37-per-cent stake in Hexo. The deal will also see Tilray Brands and Hexo create a joint venture that will provide shared services to both companies. The companies estimated that total savings, which will be shared equally, are expected to be up to C$50-million within two years.
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I thought that deal had gone up in smoke?