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Charbone Hydrogen Announces Amendment to Terms of Convertible Debentures with Finexcorp-Led Group
(TheNewswire) Brossard, Quebec – TheNewswire - June 10, 2024 – ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces Amendment to Terms of Convertible Debentures with Finexcorp-Led Group\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Brossard, Quebec –\n \n \n TheNewswire -\n \n \n June 10, 2024\n \n \n –\n \n \n \n CHARBONE HYDROGEN\nCORPORATION\n \n \n \n (TSXV: CH; OTCQB: CHHYF; FSE:\nK47) (the “Company” or “CHARBONE”), North America’s only\npublicly traded pure-play green hydrogen company, is pleased to\nannounce that further to its news release dated October 11, 2022, it\nhas signed an agreement of principles to amend (the\n \n \n \"Debenture Amendment\"\n \n \n ) certain terms of the secured convertible debentures of the\nCompany (each, a\n \n \n \"Debenture\"\n \n \n ) that were issued by the\nCompany in connection with the private placement of debentures of an\n \n \n aggregate principal amount of $1.2 million CAD\nof 14% secured convertible debentures.\n \n \n \n \n Prior to the Debenture Amendment taking effect, the\nDebentures were convertible into common shares of CHARBONE\n \n \n (each, a\n \n \n \"Debenture Share\"\n \n \n ), at a conversion\nprice per share of $0.40 CAD, until maturity.\n \n \n \n \n Under the new Debenture Amendment:\n \n \n \n \n \n \n The maturity date has been extended from October 7,\n2024 to October 31, 2025;\n \n \n \n \n \n \n The convertible balance, including unpaid interests,\nmoves from $1.2 million CAD to $1.345 million CAD with a annual rate\ndecrease dropping from 14% to 12%, payable monthly; and\n \n \n \n \n \n \n The conversion price of the Debentures moves from $0.40\nper Debenture Share to $0.10 CAD per Debenture Share; with an\nadditional 1,345,000 new warrants exercisable at\n \n \n a price per share of $0.10 CAD, for a period of 12 months\n(the\n \n \n “Warrants”\n \n \n ).\n \n \n \n \n \n \n The new Debentures and Warrants will be subject to the\napproval of the TSX Venture Exchange and the completion of a first\nclosing of the multi-million-dollar financing mentioned by press\nrelease on March 18, 2024.\n \n \n \n \n “The\n \n \n steps announced today meaningfully extend\nmaturities and provide us with additional financial flexibility to\nexecute our\n \n \n plans to deliver\ngreen hydrogen production facilities in both t...