Business
Braveheart Resources Inc. Restructures Convertible Debenture Debt
Calgary, Alberta--(Newsfile Corp. - March 11, 2020) -  Braveheart Resources Inc. (TSXV: ...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Braveheart Resources Inc. Restructures Convertible Debenture DebtCalgary, Alberta--(Newsfile Corp. - March 11, 2020) -  Braveheart Resources Inc. (TSXV: BHT) (\"Braveheart\" or the \"Company\") is pleased to announce that it has successfully restructured terms of a Series A Convertible Debenture (the \"Debenture\") that was previously negotiated with CuVeras LLC and the Secured Debenture Holders of CuVeras, operating through 2166687 Alberta Ltd. (\"2166687\"), and disclosed in a news release dated October 18, 2018 and closing press release on January 21, 2019.The Company previously announced that as part of the acquisition of Purcell Basin Minerals (\"Purcell\") pursuant to a Plan of Arrangement (\"Plan\") and made pursuant to the Companies Creditors Arrangement Act (\"CCAA\") that it had purchased a senior secured position in the Bull River Mine property from 2166687, in exchange for the issuance of the principal amount $6,000,000 Debenture, which matures three years from the date of issuance or January 21, 2022. The Debenture accrues annual interest of 0%, 1% and 2% respectively in the first, second and third year of the Debenture. After two years, or January 21, 2021, 40% of the principal amount of the Debenture can be converted into shares of Braveheart at a price of $0.40 per share. After three years, or January 21, 2022, the remaining 60% of the principal amount of the Debenture can be converted into shares of Braveheart at a price of $0.50 per share. If the Debenture is fully converted into common shares of Braveheart, an aggregate of 13,200,000 common shares would be issuable to 2166687.Under the restructured agreement with 2166687, the maturity date of the Debenture will be extended for an additional two years and will now mature on January 21, 2024. The Debenture will continue to accrue annual interest of 1% and 2% respectively in the second and third year of the debenture. The Debenture will accrue annual interest of 5% for each of the fourth and fifth years of the Debenture. The conversion price will be amended such that immediately, up to 40% of the principal amount of the Debenture can be converted into shares of Braveheart at a price of $0.20 per share. After 48 months from the original date of issuance, or January 21, 2023, the balance of the principal amount of the Debenture can be converted into shares of ...