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CellCube Arranges $10 Million Convertible Debenture Financing
CellCube Arranges $10 Million Convertible Debenture Financing.
About this update from Saltbae Capital Corp
[{"type":"text","content":"\n\n\n\nCellCube Arranges $10 Million Convertible Debenture Financing\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\nCellCube Arranges $10 Million Convertible Debenture Financing\nPR Newswire\nTORONTO, March 28, 2019\n\n\n\nTORONTO, March 28, 2019 /PRNewswire/ -- CELLCUBE ENERGY STORAGE SYSTEMS INC. (\"CellCube\" or the \"Company\") (CSE: CUBE) (OTCQB: CECBF) (Frankfurt: 01X) (WKN: A2JMGP) is very pleased  to announce, its intention to complete a non-brokered financing of up to $10,000,000, with an over-allotment option of $5,000,000, principal amount secured convertible debentures (the \"Debentures\"). The Debentures will be sold in units of $1,000 in Canadian and US Dollar increments. \nThe Debentures will mature on the third anniversary of the date of issuance and bear interest at a rate of 9.0% per annum, which shall accrue and be paid semi-annually. Each Debenture shall, at the option of the holder, be convertible into common shares of the Company at a conversion price of $0.30 per common share. \nThe Company may force conversion of the aggregate principal amount of the then outstanding Debentures  on not less than 30 days' notice should the daily volume weighted average trading price of the common shares be greater than $0.60 for any 21 consecutive trading days.\nThe Debentures will be secured by a pledge over the securities of ENEROX GmbH, the Austrian subsidiary of the Company. This Debenture is subject to contractual (see press releases April 6, 2018 and May 15, 2019) and regulatory approval.\n\"This funding combined with a significant ramp up of sales and revenue during 2019 will ensure a very strong capital base over the next couple years,\" states Stefan Schauss, CEO of CellCube. \"Further, we were not in favor of any further equity dilution to our shareholders at current levels as we don't believe the current share price reflects the true value of the company. We will be working very hard over the coming quarters to better reflect the true value as one of the very few proven global leaders in energy storage ...