Business
IDC Announces Extension of Convertible Debenture
(via TheNewswire) Calgary, Alberta - TheNewswire - Aug 8 th , 2019 -Imaging Dynami...
About this update from Imaging Dynamics Company, Ltd.
[{"type":"text","content":"IDC Announces Extension of Convertible Debenture(via TheNewswire)\n \n \nCalgary, Alberta - TheNewswire - Aug 8th, 2019 -Imaging Dynamics Company Ltd. (\"IDC\" or the \"Company\") (TSXV:IDL) announces that all holders of its existing CAD$ 17,850,000 convertible debentures (the debentures) have agreed to stock conversion. The total new issued stock on the conversion is 147,833,334, the total common shares of IDC increase to 206,690,990 after conversion. The company is also processing the procedure with the convertible debenture holders to agree to waive the interest payable on the debentures. The Company would like to extend its sincerest appreciation to all the contributions and support made by the convertible debenture holders to the Company's restructuring process.\n\n\n \n\n\n\n \nConvertible Debentures - Background Information\n\n \n \n\n\na) On September 28, 2015, the Company completed a convertible debentures financing for gross proceeds of $6,250,000 in principal amount. The convertible debentures have a maturity date of September 28, 2018, bear interest at a rate of 6.0% per year payable annually, and are convertible into common shares of the Company at the holder's option at a conversion price of $0.10 per common share for a period of three years on or before September 28, 2018. The convertible debentures have an original maturity date of September 28, 2018. On Oct 25th, 2018, the convertible debentures were extended to January 22, 2019. In February 7, 2019, the convertible debentures were further extended to January 22, 2020. \n\n\n\n \n \n\n\nb) On January 22, 2016, the Company completed a convertible debentures financing for gross proceeds of $5,750,000 in principal per year payable annually, are convertible into common shares of the Company at the holder's option at a conversion price of $0.15 per common share for a period of three years on or before January 22, 2019, and are secured by a first charge against the assets of the Company. Subsequent to December 31, 2018, the convertible debenture are extended to January 22, 2020. \n\n \n\n\n \n\n\nc) On October 7, 2016, the Company completed a convertible debentures financing for gross proceeds of $6,000,000 in principal amount. The convertible debentures have a maturity date of October 7, 2018, bear interest at a rate of 6.0% per year payable annually, are convertible...