Business
G2 Energy Amending Agreement
G2 Energy Amending Agreement.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n\n4 March 2024\n \nCloudbreak Discovery Plc\n('Cloudbreak', or 'the Company')\n \nG2 Energy Amending Agreement for Secured Convertible Debenture\nand Additional Funding\nCloudbreak Discovery Plc, (\"Cloudbreak\" or the \"Company\"), (LSE: CDL), the natural resource project generator, is pleased to announce that it has signed an amending agreement for its secured convertible debenture with G2 Energy Corp. (CSE:GTOO, FWB:UD9) (\"G2\") and its wholly-owned subsidiary G2 Energy TX1 Inc. (\"G2 TX1\") dated 1 March 2024 (the \"Amending Agreement\"), whereby the parties agreed to amend the terms of the secured convertible debenture among Cloudbreak and G2 and G2 TX1 dated 31 May 2022 (the \"Debenture\"). Additionally, G2 and G2 TX1 have entered into a loan agreement with Clarmond Wealth Limited (\"Clarmond\") dated 29 February 2024 (the \"Loan Agreement\").\nDebenture and Amending Agreement\nUnder the Debenture, Cloudbreak advanced G2 Energy TX1 USD$2,000,000 (the \"Principal Amount\"), and Cloudbreak had the option to convert only the accrued and unpaid interest on the Debenture, but not the Principal Amount.\nPursuant to the Amending Agreement, the parties have agreed to amend the Debenture as follows:\n1. The maturity date of the Debenture will be extended from 31 May 2024, to 31 May 2025, and Cloudbreak in its sole discretion will have the option to further extend the maturity date by one calendar year to 31 May 2026.\n2. The Principal Amount, together with all accrued and unpaid interest and all other monies owing under the Debenture, shall be convertible, at the sole discretion of Cloudbreak, into units of G2 (each, a \"Unit\") at a price per Unit which shall be the minimum price permitted by the Canadian Securities Exchange (the \"CSE\"), with each Unit entitling the holder thereof to one common share in the capital of G2 (each, a \"Common Share\"), and one share purchase warrant of G2 (each, a \"Warrant\"), with each Warrant entitling the holder thereof to acquire one Common Share (each, a \"Warrant Share\") at a price of CAD$0.07 per Warrant Share or the minimum price permitted by the CSE if the CAD$0.07 is not permitted, until 5:00 p.m. (...