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Greenbriar Announces USD $3 Million Convertible Debenture
Phoenix, Arizona--(Newsfile Corp. - November 30, 2023) - Greenbriar Sustainable Living Inc. (TSX...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"Greenbriar Announces USD $3 Million Convertible DebenturePhoenix, Arizona--(Newsfile Corp. - November 30, 2023) - Greenbriar Sustainable Living Inc. (TSXV: GRB) (OTC Pink: GEBRF) (\"Greenbriar\" or the \"Company\") is pleased to announce it has received USD $3.0 million in the form of a three-year convertible debenture from a family office in Arizona as bridge to the upcoming USD $ 40 million construction facility.Subject to TSXV approval, Greenbriar will issue USD $3.0 million in convertible debentures (the \"Debenture\") to investors within a family office (the \"Debenture Holders\"). The Debentures 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 (the \"Maturity Date\"). The Debenture Holders will have 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 proposed Debenture financing, the Debenture Holder will be issued 900,000 warrants, where the Debenture Holder will have 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 warrants into common shares of the Company, at a price of $1.30 per common share subject to adjustment pursuant to the terms of the Debenture.The Debenture is subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. The Company expects to use the gross proceeds from the Debentures as a bridge to the USD $40 million construction loan.Closing of the Debenture is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSX Venture Exchange. The future issuance of common shares upon conversion of the Debenture, if any, are subject to the final acceptance of the TSX Venture Exchange.All references to currency are in Canadian dollars, except if mentioned in USD.Greenbriar is named as one of the top performers on the TSXV Venture Exchange. The 2023 TSX Venture 50 c...