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Grow Capital increases authorized share capital

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Grow Capital increases authorized share capital

Grow Condos Inc., which recently changed its name to Grow Capital Inc., amended its articles of incorporation to increase its authorized capital to 180.0 million shares.

The Oregon-based real estate company said its new share capital comprises 175.0 million shares of common stock and 5.0 million shares of preferred stock.

Following the recapitalization, the company will have about 82.0 million authorized but unissued common shares.

Upon completion of the recapitalization, the company intends to issue approximately 15.0 million of the 82.0 million shares in exchange for about $1.2 million in cash, which will be used to retire debt.