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01 Communique Announces Completion of Debt Refinancing
01 Communique Announces Completion of Debt Refinancing Canada NewsWire TORONTO, ...
About this update from 01 Quantum Inc.
[{"type":"text","content":"\n\n\n\n01 Communique Announces Completion of Debt Refinancing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Jan. 28, 2020\n\n\n\nTORONTO, Jan. 28, 2020 /CNW/ - 01 Communique Laboratory Inc. (the \"Company\") (ONE: TSX-V) today announced that it has completed a refinancing of its outstanding $400,000 principal amount of secured debentures.  \nOn April 24, 2015 the Company issued $400,000 principal amount of secured debentures that had a term of 36 months and bore interest at a rate of 10% per annum calculated and payable quarterly. The Company previously amended such debentures to extend their term to April 24, 2020 and to increase the annual interest rate to 15%. In connection with the issuance of such debentures the Company had issued a total of 800,000 common share purchase warrants each of which, after certain amendments, entitled the holder to acquire one common share at a price of $0.10 until April 24, 2020, subject to an accelerated expiry provision which was triggered in 2019.  The Company agreed with the holders of such debentures to redeem the debentures without any prepayment penalty and issue new secured debentures with the same terms other than a new expiry date of April 24, 2021.  In connection with the issuance of the new debentures the Company has also issued an aggregate of 800,000 common share purchase warrants. Each such warrant is exercisable at any time prior to April 24, 2021 into one common share in the capital of the Company at an exercise price of $0.13 per share.\nThe debentures and warrants were issued pursuant to an exemption from the prospectus requirements and are subject to a hold period that expires four months and one day following the date of issuance.\nAbout 01 CommuniqueEstablished in 1992, 01 Communique Laboratory Inc. (TSX-V: ONE) has always been at the forefront of technology. In early 2018 the Company announced the transition of its business focusing on post-quantum cybersecurity with the development of its IronCAP technology. IronCAP is an advanced Goppa code-based post-quantum cry...