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ReGen III Announces Closing of Initial Tranche of Convertible Debenture Offering
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2024) - ReGen III Corp. (TSXV: GIII) (OTC...
About this update from Regen Iii Corp
[{"type":"text","content":"ReGen III Announces Closing of Initial Tranche of Convertible Debenture OfferingVancouver, British Columbia--(Newsfile Corp. - May 31, 2024) - ReGen III Corp. (TSXV: GIII) (OTCQB: ISRJF) (FSE: PN4) (\"ReGen III\" or the \"Company\"), a leading clean technology company commercializing the patented ReGen™ process to upcycle used motor oil (\"UMO\") into high-value Group III base oils, is pleased to announce the closing of an initial tranche of 775 Convertible Debenture Units (the \"Units\") at a price of CAD$1,000 per Unit for aggregate gross proceeds of CAD$775,000, pursuant to its non-brokered private placement (the \"Placement\") announced on April 30, 2024 for up to CAD$2,000,000 of Units.Each Unit consists of CAD$1,000 in principal amount of unsecured convertible debenture (a \"Debenture\") and 1,000 common share purchase warrants (a \"Warrant\"). Each Warrant is exercisable to purchase one common share at a price of CAD$0.55 for a period of 24 months after closing.The Debentures have a term of 24 months and will accrue interest at a rate of 14% per annum, payable in arrears on a semi-annual basis, and on maturity. After 12 months, the Company may, subject to the prior approval of the TSX Venture Exchange (the \"Exchange\"), elect to pay outstanding interest in common shares (\"Interest Shares\") at a price per share equal to the greater of (i) the volume weighted average price of the common shares on the Exchange for the five (5) trading days prior to the date such interest is due, and (ii) the Discounted Market Price (as defined by the Exchange) at that time.The Debentures will be convertible at the option of the holder into common shares at a price of CAD$0.55 per common share. After four (4) months, the Company may redeem the Debentures in whole or in part by payment of 115% of the principal amount being redeemed, in cash, together with payment of any accrued but unpaid interest on the principal amount being redeemed, in cash or Interest Shares or a combination thereof.The Debentures and Warrants issued in this first tranche and any underlying common shares are subject to a hold period expiring on October 1, 2024. In connection with this first tranche, the Company paid finder fees of CAD$18,750 in cash. The Company intends to use the net proceeds from the Placement to advance the Company's re-refinery engineering, ...