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Hemostemix Announces Amendment of its $2.5 Million 5 Year Convertible Debenture Issued on June 11, 2021, Resulting in an Expected Interest Saving of Approximately $570,000
Calgary, Alberta--(Newsfile Corp. - October 23, 2023) - Hemostemix Inc. (TSXV: HEM) (OTCQB: HMTXF...
About this update from Hemostemix Inc
[{"type":"text","content":"Hemostemix Announces Amendment of its $2.5 Million 5 Year Convertible Debenture Issued on June 11, 2021, Resulting in an Expected Interest Saving of Approximately $570,000Calgary, Alberta--(Newsfile Corp. - October 23, 2023) - Hemostemix Inc. (TSXV: HEM) (OTCQB: HMTXF) (FSE: 2VF0) is pleased to announce it has amended its $2.5 million 5 year convertible debenture, which originally closed on June 11, 2021 (\"CD1\") resulting in an expected interest saving of $569,868.The 4 material amendments are summarized as follows: 1) Interest will be amended from 6% per annum to nil (zero) from January 1, 2023 to maturity (June 11, 2026) saving the Company up to $569,868 of interest; 2) the Company's conversion rights will be limited to allow conversion, at the originally stated conversion rate of $0.40 per common share, for any or all, of the outstanding debentures at maturity, thus removing the Company's ability to convert amounts prior to maturity that were generally limited to conversion amounts that would not increase the holder's share position to 10% or more of the Company's then outstanding shares; 3) the Company will grant the holder the ability to convert at any time, any or all, of their debentures at the originally stated conversion rate of $0.40 per common share; and 4) Security will be amended from unsecured to secured, and will rank in a second secured position behind the already secured $2.75 million 5 year secured debenture, issued on April 25, 2022.The amendment is subject to all necessary regulatory approvals including acceptance from the TSXV Venture Exchange. ABOUT HEMOSTEMIXHemostemix is an autologous stem cell therapy company, founded in 2003. A winner of the World Economic Forum Technology Pioneer Award, the Company has developed, patented, and is scaling a patient's blood-based stem cell therapeutics platform that includes angiogenic cell precursors, neuronal cell precursor and cardiomyocyte cell precursors. For more information, please visit www.hemostemix.com.For further information, please contact: Thomas Smeenk, President, CEO & Co-Founder EM: [email protected] PH: 905-580-4170.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined under the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking Info...