Business
American Aires Inc. Announces Debt Conversion
Toronto, Ontario--(Newsfile Corp. - June 12, 2023) - American Aires Inc. (CSE: WIFI) (OTC: AAIRF)...
About this update from American Aires, Inc.
[{"type":"text","content":"American Aires Inc. Announces Debt ConversionToronto, Ontario--(Newsfile Corp. - June 12, 2023) - American Aires Inc. (CSE: WIFI) (OTC: AAIRF) (\"Aires\" or the \"Company\"), a leader in scientifically-proven EMF modulation technology today announces that it has completed a series of debt conversions to decrease the Company's debt.Birchtree Investments Ltd.‎ (\"Birchtree\") has agreed to accept ‎578‎ debenture units (each, a \"Unit\"), with each Unit ‎consisting of (i) one ‎‎$1,000 ‎principal amount secured transferable convertible debenture (each, a ‎‎\"Debenture\") of the Company, and (ii) ‎‎20,000 transferable ‎common share purchase ‎warrants (each, a \"Warrant\"), at a deemed price per Unit of $1,000, in ‎full and final satisfaction of outstanding principal and interest of $578,575 on a secured loan advanced by Birchtree to the Company. The Chief Executive Officer of Birchtree (Vitaliy Savitsky) is the Chief Financial Officer of the Company.Mr. Savitsky, indirectly through a holding company, has agreed to accept 156‎ Units at a deemed price per Unit of $1,000 in ‎full and final satisfaction of outstanding principal and interest of $156,263 on a loan advanced by Mr. Savitsky to the Company.In addition, two arm's length lenders have agreed to accept an aggregate of ‎559‎ Units at a deemed price per Unit of $1,000 in ‎full and final satisfaction of an aggregate outstanding principal and interest of $559,294 on loans advanced by the lenders to the Company.The Debentures shall bear interest at a rate of 12.0% per annum, payable semi-annually in arrears ‎on the last day of June and ‎December in each ‎year‎, with the first interest payment payable on June 30, 2023, and mature on June 30, 2025 (the \"Maturity Date\"). ‎The Debentures will be convertible into common shares in the capital of the Company (the ‎‎\"Common Shares\") at the market price of the Common ‎Shares at the time of conversion, subject to the approval of the Canadian Securities Exchange (the \"CSE\") in the event such price is below $0.05, ‎determined by the most recent closing ‎price of the Common Shares on the day of conversion, at the option of the holder at any t...