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H-Source Announces First Tranche Closing of Unsecured Convertible Debenture Financing
H-Source Announces First Tranche Closing of Unsecured Convertible Debenture Financing.
About this update from H-source Holdings Ltd
[{"type":"text","content":"\n\n\n\nH-Source Announces First Tranche Closing of Unsecured Convertible Debenture Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nH-Source Announces First Tranche Closing of Unsecured Convertible Debenture Financing\nCanada NewsWire\nVANCOUVER, June 10, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, June 10, 2019  H-Source Holdings Ltd. (TSX-V: HSI; OTCQB: HSCHF) (the \"Company\" or \"H-Source\") announces, further to its news release of May 10, 2019, that the Company closed the first tranche of the non-brokered financing of unsecured convertible debentures (\"Debentures\") in the principal amount for the first tranche of US$729,313 (before OID as defined below) (the \"Offering\").\nThe Debentures will mature on June 10, 2020 (the \"Maturity Date\") that is twelve months from the date of issuance on June 10, 2019 (the \"Issue Date\") and bear interest at a rate of 12% per annum, calculated and paid monthly in arrears commencing on the day that is 30 days from the Issue Date, on the earlier of (i) the Maturity Date or (ii) at the election of the holder and will have an original issuer discount equal to 10% of the Principal Amount (the \"OID\"). \nThe principal amount and any accrued and unpaid interest on the Debentures are convertible into common shares in the capital of the Company (the \"Shares\"), in whole or in part, at any time following the Issue Date but on or before the Maturity Date at a conversion price of US$0.06 per Share. \nSubscriptions by one insider of the Company accounted for approximately $39,359 in principal amount (before OID) of the gross proceeds of this first tranche of the Offering.  Such participation constituted a \"related party transaction\" within Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The issuance to the insider is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of ...