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Greenbriar Announces Closing of $1.0 Million Unsecured Convertible Debenture Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 6, 2023) - Greenbriar Capital Corp. (TSXV: GR...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"Greenbriar Announces Closing of $1.0 Million Unsecured Convertible Debenture Private PlacementVancouver, British Columbia--(Newsfile Corp. - July 6, 2023) - Greenbriar Capital Corp. (TSXV: GRB) (OTC PINK: GEBRF) (\"Greenbriar\" or the \"Company\") is pleased to announce that further to its news release dated June 22, 2023, it has closed the $1.0 million unsecured convertible debenture (the \"Debenture\") private placement financing (the \"Offering\") with one arm's length investor (the \"Debenture Holder\"). The Debenture will bear interest at 12% per annum, calculated and paid quarterly commencing on the date of issuance and will mature thirty-six (36) months from the date of issuance being June 30, 2026 (the \"Maturity Date\").The Debenture Holder has the right, from time to time and at any time on or prior to 5:00 p.m. (Pacific Time) on the Maturity Date, to convert all or any portion of the outstanding principal amount of the Debenture (\"Principal Amount\") into common shares of the Company, at a price of $1.25 per common share, subject to adjustment pursuant to the terms of the Debenture.As part of the terms of the Offering, the Debenture Holder has been issued 460,000 detachable warrants (collectively, the \"Warrants\" and individually, a \"Warrant\"). Each Warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.30 per common share, subject to adjustment in certain events, for a period expiring on June 30, 2026.The Offering was conducted under available exemption from the prospectus requirements of applicable securities legislation. Any common shares issuable upon conversion of the Debenture or exercise of the Warrants are subject to a statutory hold period of four months plus a day from the date of issuance expiring on November 1, 2023 in accordance with applicable securities legislation and policies of the TSX Venture Exchange. The Company expects to use the gross proceeds from the Offering for general and working capital purposes.All references to currency are in Canadian dollars.This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities l...