18:24:08 EDT Thu 28 Mar 2024
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or Name
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Sirona Biochem Corp
Symbol SBM
Shares Issued 121,536,155
Close 2014-07-28 C$ 0.115
Market Cap C$ 13,976,658
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Sirona Biochem renews $670,000 in convertible loans

2014-07-29 18:12 ET - News Release

Mr. Christopher Hopton reports

SIRONA ARRANGES CONVERTIBLE LOANS

Sirona Biochem Corp. has entered into convertible loan agreements with arm's-length parties for the purposes of renewing current outstanding loans in the total amount of $670,000. The original loans were taken out in late 2012 and became due this quarter.

The new loans are secured by promissory notes held by each lender, bear interest at a rate of 12 per cent per annum and are due 18 months from the date of advance of each loan or such other mutually agreed upon date. Interest is payable on a quarterly basis at the end of each calendar quarter. Demand payment of each loan and accrued interest thereon may be made after one year from the date of advance of such loan.

Each lender has the right to elect, at its sole discretion, to convert all or a portion of its loan, including accrued interest, at any time during the term of such loan into common shares of the company at a price of 12 cents per share.

Any shares issued as a result of the conversion of the loans will be subject to applicable regulatory hold periods expiring four months and one day from the date of issue of such shares.

The loan agreements and all securities proposed to be issued thereunder as a result of conversion are subject to the acceptance of the TSX Venture Exchange.

We seek Safe Harbor.

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