Further to a convertible debenture issued pursuant to a private placement originally announced on Nov. 15, 2019, the TSX Venture Exchange has consented to the amendment of the convertible debenture.
Convertible debenture: $2-million principal amount of senior unsecured convertible debenture
Original conversion price: convertible into common shares of the company at a price equal to 25.2 cents
Amended conversion price: convertible into common shares of the company at a price equal to 22 cents
Original interest rate terms: 10 per cent per annum, payable in advance in common shares of the company with a deemed price per share equal to the volume-weighted average price of the company's common shares for the 10-day period prior to the date upon which interest is due
Amended interest rate terms: 10 per cent per annum on and after Dec. 4, 2021, 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, 2022.)
Original maturity date: Dec. 4, 2021
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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