The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced April 27, 2020.
Convertible debenture: $2.8-million principal amount (The issue price of each convertible debenture is $1,000.)
Conversion price: convertible into common share units at a conversion price of 12 cents per unit (Each unit shall consist of one common share and one-half of a warrant.)
Other significant terms: The issuer will also pay to the initial holder a one-time commitment fee comprising 500 commitment warrants per debenture for a total of 1.4 million commitment warrants. Each commitment warrant shall entitle its holder to acquire one common share of the company at an exercise price of 18 cents per common share for a period of 24 months.
Maturity date: May 31, 2023 (During the third year, the issuer shall have the option to extend the term by up to one additional year.)
Warrants: 11,666,667 share purchase warrants to purchase 11,666,667 shares
Warrant exercise price: 18 cents for a period ending on the maturity date
Number of placees: 31 placees
Insiders: Concept Capital Management Ltd. (Bernd Hogel), $600,000;
Peter Manuel, $25,000;
Patrick Ryan, $10,000
Finder's fee: none
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