ELYSEE DEVELOPMENT CORP. On June 14, 2024, Elysee Development Corp. closed the transaction. The debentures will have a maturity date of June 14, 2028.
The company issued 2,000 convertible debentures at a price of CAD 1,000 for the gross proceeds of CAD 2,000,000. The Convertible Debentures are subject to a hold period until October 15, 2024 in compliance with applicable securities laws and the rules of the TSX Venture Exchange. Guido Cloetens and Thibaut Lepouttre directly and indirectly acquired an aggregate of 335 convertible debentures pursuant for gross proceeds of CAD 335,000, representing approximately 881,578 common shares on conversion of the convertible debentures.
Guido Cloetens acquired 275 convertible debentures of the company pursuant to the Private Placement for aggregate consideration of CAD 275,000 representing up to 723,684 common shares on conversion of the convertible debentures at CAD 0.38 per common share. Following the Private Placement, assuming the conversion of all convertible securities and options, the investor owns and controls 5,587,184 common shares, which represents approximately 18.9% of the common shares outstanding following completion of the Private Placement on an as converted partially diluted basis. Prior to the Private Placement, assuming the conversion of all convertible securities and options, the investor owned 4,413,500 common shares and 450,000 options for common shares which represented 16.8% of the common shares outstanding prior to completion of the Private Placement on an as converted partially diluted basis.
