Further to a convertible debenture issued pursuant to a private placement originally announced on Nov. 28, 2018, the exchange has consented to the amendment of the convertible debenture.
Original convertible debenture: $1.25-million principal amount of unsecured convertible debenture
Amended convertible debenture: $1.25-million principal amount of subordinated secured convertible debenture
Original conversion price: convertible into common shares of the company at a price equal to 75 cents
Amended conversion price: convertible into common shares of the company at a price equal to 22
Original interest rate terms: 8.5 per cent per annum, payable in equal quarterly instalments in arrears on the last business day of March, June, September and December in each year
Amended interest rate terms: 10 per cent per annum from on and after Dec. 13, 2020, to the amended maturity date (as defined below) (The interest payment shall be payable in either cash or common shares at sole discretion of the company semi-annually in arrears on June 1 and Dec. 1 with the first payment beginning June 1, 2020.)
Original maturity date: Dec. 12, 2020
Amended maturity date: Dec. 31, 2022
For further information, please refer to the company's news release dated Dec. 14, 2020.
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