This will result in the conversion of all outstanding Debentures having an aggregate principal amount of
Pursuant to the terms of the Debentures, interest on the principal amount of the Debentures has accrued daily at a rate of 10% per annum. In connection with the Conversion, the Company intends to issue Common Shares in satisfaction of the aggregate accrued and unpaid interest owing on the Debentures up to the date of Conversion (the 'Interest Shares'). The Interest Shares will be issued at a deemed price per share equal to the 30-day volume weighted average price of the Common Shares on the
The issuance of the Interest Shares is subject to the acceptance of the TSXV. The Interest Shares will be subject to a four month hold period in accordance with applicable Canadian securities laws
Cautionary Note Regarding Forward-Looking Statements
This news release contains 'forward-looking statements' within the meaning of Canadian securities legislation, including, without limitation, statements with respect to the Conversion and the issuance of the Interest Shares, including the completion date of the Conversion, the amount of Interest Shares to be issued by the Company, the deemed price per share of the Interest Shares and the final acceptance of the issuance of the Interest Shares by the TSXV. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur; they are generally, but not always, identified by the words 'targets', 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimate', 'projects', 'aims', 'continue', 'potential', 'goal', 'objective', 'prospective', and similar expressions, or that events or conditions 'will', 'would', 'may', 'can', 'could' or 'should' occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Certain material assumptions regarding such forward-looking statements including risks and uncertainties are discussed in this news release and the Company's audited financial statements and management's discussion and analysis for the year ended
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