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Charbone Hydrogen Extends Repayment Date for Advances to Key Management Shareholders
(TheNewswire) Brossard, Q C - TheNewswire - March 31, 2023 - Charbone Hydrogen ...
About this update from Charbone Hydrogen Corporation
[{"type":"text","content":"Charbone Hydrogen Extends Repayment Date for Advances to Key Management Shareholders\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, Q\n \n \n C - TheNewswire -\n \n \n March 31, 2023 -\n \n \n Charbone Hydrogen Corporation\n \n \n (TSXV:CH\n \n \n )\n \n \n (\n \n \n OTC:CHHYF\n \n \n ) (\n \n \n FWB:K47)\n \n \n \n \n (“\n \n \n Charbone\n \n \n ”)\n \n \n announces\nthat the independent and disinterested directors of Charbone have\napproved an extension of 12 months for the repayment of an aggregate\nof $301,372.19 of shareholder advances originally due to be repaid on\nor before March 31, 2023 by the key management shareholders directly\nor indirectly through their management companies, namely Mr. Dave\nGagnon, Mr. Daniel Charette and Buckell Trust\n \n \n (collectively, the “\n \n \n Management Shareholders\n \n \n ”)\n \n \n . Charbone, to which the amounts are due, and each of the\nManagement Shareholders have entered into amendments dated effective\nMarch 31, 2023 (the “\n \n \n Amendments\n \n \n ”), amending the debt recognition\nagreements previously signed on March 8, 2022, as amended on April 20,\n2022, in order to extend the repayment date to March 31, 2024. The\nadvances remain repayable on demand but no later than March 31, 2024,\nand as provided in the escrow agreements that were entered into in\nApril 2022, the release from escrow of any shares held by each of the\nManagement Shareholders will also remain subject to the prior\nrepayment of their respective amounts.  The Management Shareholders\nhave already started to decrease the total amount due to Charbone and\nacknowledge the repayment obligation.\n \n \n \n \n The Amendments constitute related party transactions\n(as defined in Regulation 61-101 –\n \n \n Protection of Minority Security Holders in\nSpecial Transactions\n \n \n (“\n \n \n Regulation 61-101\n \n \n ”)), but are exempt from the formal valuation and minority\nshareholder approval requirements provided under Regulation 61-101 in\naccordance with Sections 5.5(a) and 5.7(1)(a) of Regulation 61-101.\nThe exemption is based on the fact that the fair market value of the\namounts due by the Management Shareholders, individually and in the\naggregate, does ...