Business
Charbone Hydrogen Announces Closing of Units for Debts and Convertible Debentures Financing for a Total Amount of $0.8m
(TheNewswire) Brossard, Québec – TheNewswire - August 31, 2023 ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Announces Closing of Units for Debts and Convertible Debentures Financing for a Total Amount of $0.8m\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, Québec –\n \n \n TheNewswire -\n \n \n August 31, 2023\n \n \n –\nCharbone Hydrogen Corporation\n \n \n (TSXV:CH\n \n \n )\n \n \n (\n \n \n OTC:CHHYF\n \n \n )\n \n \n (\n \n \n FWB:K47)\n \n \n (“\n \n \n Charbone\n \n \n ” or the\n“\n \n \n Company\n \n \n ”) is pleased to announce the closing of Units for debt\nsettlements of $474,482 and the conversion of short-term loans to 18\nmonths secured convertible debenture of $300,000, for a total of\n$774,482.\n \n \n \n \n The Company has settled with certain arm’s length\nsuppliers $474,482 of payables through the issuance of units. Each of\nthe units offered, priced at $0.10 per Unit, was comprised of one\ncommon share of the Company and one common share purchase warrant.\nEach Warrant will entitle the holder thereof to purchase one\nadditional common share of the Company at an exercise price of\n$\n \n \n 0.12\n \n \n for a period of\n \n \n 12\n \n \n months following the\nclosing date. A total of 4,744,817 Units will be issued pursuant to\nthe closing, at a conversion price per unit of $0.10. The Company\nbelieves that the settlement of the payables through the issuance of\nsecurities is appropriate at the present time in light of the various\nproject commitments and the overall need to manage its cash in a\nprudent manner.  Any debt settlement will be reflected by a formal\nagreement and will be subject to the approval of the TSX Venture\nExchange. Any securities issued pursuant to a debt settlement will be\nsubject to a statutory four month hold period in Canada and be\nreleased in a manner of 25% of the total shares received every quarter\nover a period of twelve (12) months.\n \n \n \n \n In addition, Charbone has negotiated to convert\n$300,000 of short-term loan to secured convertible debentures. The\nsecured convertible debentures have better financial terms and\nconditions. It is maturing on March 1, 2025 (the “Debenture”) to\nan arm’s length investor FINEXCORP.  The Debentures bear interest\nat a rate of 12% per annum payable quarterly in a...