The TSX Venture Exchange has accepted for filing the documentation with respect to a non-brokered private placement by way of convertible debentures.
Convertible debenture: $800,000
Conversion price: In the case of a conversion at the holder's option, the conversion price will be eight cents per share if conversion is effected within 12 months following the closing date or 10 cents per share if conversion is effected thereafter. Subject to prior approval of the exchange, the convertible debentures will be automatically converted upon completion of an equity financing under certain conditions following the closing date, at a conversion price equal to the greater of five cents or the price per security of any equity securities distributed under the applicable equity financing.
Maturity date: The earlier of the closing date of a subsequent equity financing by the company for minimum gross proceeds of $4.2-million and five years from the closing date
Interest rate: 10 per cent per year
Number of placees: Three placees
Insider: Caisse de depot et placement du Quebec, 7.5 million shares (assuming conversion at eight cents);
John McAllister Holdings Inc., 1.25 million shares (assuming conversion at eight cents)
The company confirmed the closing of that private placement pursuant to a news release dated June 26, 2015.
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