Further to a convertible debenture issued pursuant to a private placement originally accepted by the TSX Venture Exchange effective Jan. 13, 2020, which closed in two tranches dated Nov. 21, 2019 (the first tranche), and Jan. 9, 2020 (the second tranche), the exchange has consented to a replacement and amendment of the original convertible debenture.
Original convertible debenture: $7,350,882 ($7,000,882 for the first tranche and $350,000 for the second tranche)
Replacement convertible debenture: $5,613,706 for the first tranche
Amendment convertible debenture: $330,000 for the second tranche
Original convertible debenture conversion price: convertible into shares consisting of 73,508,820 common shares at 10 cents per share of the principal outstanding for the first tranche and second tranche
Replacement convertible debenture conversion price: convertible into shares consisting of 56,137,060 common shares at 8.5 cents per share of the principal outstanding for the first tranche
Amendment convertible debenture conversion price: convertible into shares consisting of 3.3 million common shares at 10 cents per share of the principal outstanding for the second tranche (conversion price remains unchanged)
Original convertible debenture maturity dates: Nov. 21, 2022, for the first tranche and Jan. 9, 2023, for the second tranche
Replacement convertible debenture maturity date: Nov. 21, 2025, for the first tranche
Amendment convertible debenture maturity date: Jan. 9, 2025, for the second tranche
For the first tranche and second tranche, the terms of the original convertible debenture are amended to permit the company to repay all or any portion of the outstanding principal of the original convertible debenture, and accrued and unpaid interest thereon, at its sole discretion without penalty or bonus.
For further information, please refer to the company's news releases dated Nov. 14, 2022, Nov. 29, 2022, Dec. 6, 2022, Dec. 19, 2022, and Jan. 6, 2023.
© 2024 Canjex Publishing Ltd. All rights reserved.