Vireo Growth Inc. Announces Retirement of November 2024 Convertible Note
Vireo Growth (OTCQX:VREOF) has announced the retirement of its US$10 million convertible note that was due November 1, 2024. The company has simultaneously issued a new US$10 million convertible note on July 7, 2025, as part of a larger refinancing initiative.
The transaction is classified as a "related party transaction" under MI 61-101, as the lender is considered a related party to Vireo. However, the transaction is exempt from formal valuation and minority shareholder approval requirements since the value does not exceed 25% of Vireo's market capitalization.
Vireo Growth (OTCQX:VREOF) ha annunciato il rimborso del suo convertibile da 10 milioni di dollari con scadenza il 1° novembre 2024. Contestualmente, l'azienda ha emesso un nuovo convertibile da 10 milioni di dollari con scadenza il 7 luglio 2025, nell'ambito di un più ampio piano di rifinanziamento.
L'operazione è classificata come una "transazione con parti correlate" secondo MI 61-101, poiché il creditore è considerato una parte correlata a Vireo. Tuttavia, l'operazione è esente dai requisiti di valutazione formale e dall'approvazione degli azionisti di minoranza, dato che il valore non supera il 25% della capitalizzazione di mercato di Vireo.
Vireo Growth (OTCQX:VREOF) ha anunciado el vencimiento de su nota convertible de 10 millones de dólares con fecha límite el 1 de noviembre de 2024. Al mismo tiempo, la compañía emitió una nueva nota convertible de 10 millones de dólares con vencimiento el 7 de julio de 2025, como parte de una iniciativa de refinanciamiento más amplia.
La transacción se clasifica como una "transacción con partes relacionadas" bajo MI 61-101, ya que el prestamista se considera una parte relacionada con Vireo. Sin embargo, la transacción está exenta de los requisitos formales de valoración y aprobación de accionistas minoritarios, dado que su valor no supera el 25% de la capitalización de mercado de Vireo.
Vireo Growth (OTCQX:VREOF)는 2024년 11월 1일 만기인 1,000만 달러 전환사채의 상환을 발표했습니다. 동시에 회사는 더 큰 재융자 계획의 일환으로 2025년 7월 7일 만기인 새로운 1,000만 달러 전환사채를 발행했습니다.
이 거래는 MI 61-101에 따라 대출자가 Vireo와 관련 당사자로 간주되기 때문에 "관련 당사자 거래"로 분류됩니다. 그러나 거래 가액이 Vireo의 시가총액의 25%를 초과하지 않으므로 공식 평가 및 소액주주 승인 요건은 면제됩니다.
Vireo Growth (OTCQX:VREOF) a annoncé le remboursement de sa note convertible de 10 millions de dollars arrivée à échéance le 1er novembre 2024. Parallèlement, la société a émis une nouvelle note convertible de 10 millions de dollars échéant le 7 juillet 2025, dans le cadre d'une initiative de refinancement plus large.
Cette opération est classée comme une "transaction avec une partie liée" selon la norme MI 61-101, puisque le prêteur est considéré comme une partie liée à Vireo. Toutefois, cette transaction est exemptée des exigences d'évaluation formelle et d'approbation des actionnaires minoritaires, car sa valeur ne dépasse pas 25 % de la capitalisation boursière de Vireo.
Vireo Growth (OTCQX:VREOF) hat die Rückzahlung seiner 10-Millionen-US-Dollar-Wandelschuldverschreibung bekannt gegeben, die am 1. November 2024 fällig ist. Gleichzeitig hat das Unternehmen eine neue 10-Millionen-US-Dollar-Wandelschuldverschreibung mit Fälligkeit am 7. Juli 2025 im Rahmen einer umfangreicheren Refinanzierungsinitiative ausgegeben.
Die Transaktion wird gemäß MI 61-101 als "Transaktion mit nahestehenden Parteien" eingestuft, da der Kreditgeber als nahestehende Partei zu Vireo gilt. Die Transaktion ist jedoch von den Anforderungen einer formellen Bewertung und der Zustimmung der Minderheitsaktionäre ausgenommen, da der Wert 25 % der Marktkapitalisierung von Vireo nicht übersteigt.
- Successfully refinanced US$10 million convertible note debt
- Transaction exempt from additional regulatory requirements
- Part of larger refinancing initiative indicating improved debt structure
- Related party transaction indicates potential conflict of interest
- Continued reliance on debt financing
- No reduction in debt burden, only extension of terms
-- Company concurrently refinances convertible note on amended terms in conjunction with larger refinancing --
MINNEAPOLIS, July 09, 2025 (GLOBE NEWSWIRE) -- Vireo Growth Inc. (“Vireo” or the “Company”) (CSE: VREO; OTCQX: VREOF) today announced the retirement of its previously outstanding US
The repayment of the November 1, 2024 convertible note and the issue of the new convertible note will be considered a “related party transaction” for the purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), as the lender is a “related party” to Vireo as defined in MI 61-101. These transactions will be exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 on the basis that neither the fair market value of the securities repaid and issued, nor the fair market value of the consideration for the securities repaid and issued, insofar as it involves related parties, exceeds
The new convertible note was issued in reliance upon exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and applicable Canadian and U.S. state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.
About Vireo Growth Inc.
Vireo was founded in 2014 as a medical cannabis pioneer—and we’ve never stopped pushing boundaries. We’re building the most disciplined, strategically aligned, and execution-focused platform in the industry. That means staying relentlessly local while leveraging the strength of a national portfolio, backing exceptional leaders, and deploying capital and talent where it drives the most value. Vireo operates with a long-term mindset, a bias for action, and an unapologetic commitment to its customers, employees, shareholders, industry collaborators, and the communities it calls home. For more information about Vireo, visit www.vireogrowth.com.
Contact Information
Joe Duxbury
Chief Accounting Officer
investor@vireogrowth.com
(612) 314-8995
Forward-Looking Statement Disclosure
This press release contains “forward-looking information” within the meaning of applicable United States and Canadian securities legislation. Forward-looking information contained in this press release may be identified by the use of words such as “should,” “believe,” “estimate,” “would,” “looking forward,” “may,” “continue,” “expect,” “expected,” “will,” “likely,” “subject to,” “transformation,” and “pending,” variations of such words and phrases, or any statements or clauses containing verbs in any future tense. These statements should not be read as guarantees of future performance or results. Forward-looking information includes both known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company or its subsidiaries to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements or information contained in this press release. Forward-looking information is based upon a number of estimates and assumptions of management, believed but not certain to be reasonable, in light of management’s experience and perception of trends, current conditions, and expected developments, as well as other factors relevant in the circumstances, including assumptions in respect of current and future market conditions, the current and future regulatory environment, and the availability of licenses, approvals and permits.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, the reader should not place undue reliance on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to: risks related to the achievement of management’s financial performance outlook, which may not be indicative of actual results, and risk factors set out in the Company’s Form 10-K for the year ended December 31, 2024 and the Company’s information statement regarding its recently completed merger transactions, both of which are available on EDGAR with the U.S. Securities and Exchange Commission and filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this press release are made as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements or forward-looking information to reflect events or circumstances after the date of such statements.
FAQ
What is the value of Vireo Growth's (VREOF) new convertible note issued in July 2025?
Why is Vireo Growth's (VREOF) July 2025 refinancing considered a related party transaction?
Does Vireo's (VREOF) July 2025 refinancing require minority shareholder approval?
When did Vireo Growth (VREOF) retire its previous convertible note?
What exemptions apply to Vireo's (VREOF) new convertible note issuance?
