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Greenbriar Capital Announces Convertible Debenture and Update on the Sage Ranch Option and Joint Venture Agreement with Captiva Verde Wellness Corp
Coquitlam, British Columbia--(Newsfile Corp. - June 22, 2023) - Greenbriar Capital Corp. (TSV: GR...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"Greenbriar Capital Announces Convertible Debenture and Update on the Sage Ranch Option and Joint Venture Agreement with Captiva Verde Wellness CorpCoquitlam, British Columbia--(Newsfile Corp. - June 22, 2023) - Greenbriar Capital Corp. (TSV: GRB) (OTC Pink: GEBRF) (\"Greenbriar or \"the Company\") announces that it intends to issue a CDN $1.0 million unsecured convertible debenture (the \"Debenture\") to an 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 (the \"Maturity Date\").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 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 460,000 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 the Principal Amount 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 Debenture for Sage Ranch and general working capital purposes.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.Joint Venture Agreement with Captiva Verde Wellness CorpGreenbriar and Captiva Verde Wellness Corp. (\"Captiva\") have tentatively agreed on a settlement of the Sage Ranch option and joint venture agreement (\"Option and Joint Venture Agreement\"). Pursuant to the terms ...