09:43:32 EDT Fri 10 Jul 2020
Enter Symbol
or Name

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Symbol GBLT
Shares Issued 112,525,619
Close 2019-11-11 C$ 0.06
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GBLT's Senst offers $750,000 convertible debenture

2019-11-11 17:15 ET - News Release

Dr. Thilo Senst reports


GBLT Corp. has been proposed a loan from its chief executive officer, Joachim Thilo Senst, of up to $750,000. The loan would be completed through the issuance of an unsecured convertible debenture for an aggregate principal amount of up to $750,000 bearing interest at a rate of 8 per cent per annum, payable quarterly and maturing 12 months from issuance. At the option of Dr. Senst, the principal under the debenture will be convertible into common shares of the company at a conversion price of eight cents. All securities issued pursuant to the financing will be subject to a four-month hold period. The issuance of the debenture is subject to director and TSX Venture Exchange approval.

The proposed loan by Dr. Senst would be a "related party transaction" as defined under Multilateral Instrument 61-101. The proposed transaction is exempt from the formal valuation approval requirements of MI 61-101 since none of the securities of the company are listed on a prescribed stock exchange. The proposed transaction is exempt from the minority shareholder approval requirements of MI 61-101 since, at the time the transaction was agreed to, neither the fair market value of the transaction nor the fair market value of the consideration for the transaction, insofar as it involves interested parties, exceeded 25 per cent of the company's market capitalization.

About GBLT Corp.

GBLT, indirectly through its operating company, GBT GmbH, is a diversified lighting and battery company and the official licensee for Polaroid light products.

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