Business
Canadian Premium Sand Inc. Completes $1 Million Convertible Debenture Offering
NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES. ...
About this update from Canadian Premium Sand, Inc.
[{"type":"text","content":"Canadian Premium Sand Inc. Completes $1 Million Convertible Debenture Offering\nNOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION OVER UNITED STATES NEWSWIRE SERVICES. CALGARY, Alberta, April 09, 2026 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (“CPS” or the “Company”) (TSXV: CPS) is pleased to announce that it has completed its non-brokered private placement (the \"Offering\") of secured convertible debentures (the “Convertible Debentures”) previously announced on March 2, 2026. Pursuant to the Offering, the Company accepted subscriptions for the Convertible Debentures totaling approximately $1 million. The net proceeds of the Offering will be used for general working capital purposes as it continues to advance strategic initiatives with the continued support of its significant shareholders. The Convertible Debentures bear interest at 12% per annum, compounded quarterly from the date of issuance and payable in arrears on maturity. The Convertible Debentures mature on February 26, 2027 (the “Maturity Date”). The principal amount is convertible into common shares (“Common Shares”), at the holder's option, at a price of $0.15 per Common Share, subject to adjustment in certain events, at any time prior to the Maturity Date. Any accrued interest up to the Maturity Date or conversion date, as applicable, may, subject to TSX Venture Exchange approval, be converted into Common Shares at the then prevailing market price of the Common Shares. Concurrently with closing of the Offering, the Company amended the conversion price of the Company's outstanding $1.975 million aggregate principal amount of secured debentures due February 26, 2027 (the \"Outstanding Convertible Debentures\") from $0.75 to $0.15 per Common Share and made certain other amendments so that the Outstanding Convertible Debentures are on the same terms as the Convertible Debentures. The Convertible Debentures may be redeemed prior to their Maturity Date by the Company, in whole or in part, at any time the daily volume weighted average trading price is $0.24 per Common Share or more over a 30 consecutive trading day period. The Convertible Debentures may be redeemed for either a cash payment or by issuing Common Shares at a deemed price of $0.15 per Common Share that is equal to the outstand...