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Isodiol International Inc. Announces Minimum $5,000,000 and Maximum $10,000,000 Convertible Debenture Offering
Isodiol International Inc. Announces Minimum $5,000,000 and Maximum $10,000,000 Convertible Debenture Offering.
About this update from Isodiol International Inc
[{"type":"text","content":"\nVANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”) is pleased to announce that it has entered into an engagement agreement with Haywood Securities Inc. (“Haywood”), to act as sole book runner and co-lead agent with Clarus Securities Inc. (together with Haywood, the “Co-Lead Agents”) on a best efforts brokered private placement offering of 8% unsecured convertible debenture units (the “Convertible Debenture Units”) of Isodiol at a price of $1,000 per Convertible Debenture Unit (the “Issue Price”) for aggregate gross proceeds to Isodiol of a minimum of $5,000,000 and a maximum of $10,000,000 (the “Offering”). Isodiol has granted the Co-Lead Agents an option to increase the size of the maximum Offering by up to an additional $5,000,000 of Convertible Debenture Units at the Issue Price.\n Each Convertible Debenture Unit will consist of $1,000 principal amount of convertible debentures (“Convertible Debentures”) and 159 warrants to purchase common shares of Isodiol (each, a “CD Warrant”).  Each CD Warrant will be exercisable to acquire one common share of Isodiol (each a “Isodiol Share”) at an exercise price of $3.94 per Isodiol Share for a period of 24 months following the closing date of the Offering.  The Convertible Debentures will mature on the date that is 24 months from the closing date of the Offering (the “Maturity Date”) which is expected to be on or about the first week of December 2018. The Convertible Debentures will be convertible at the holder’s option or upon mandatory conversion at the request of Isodiol on the earlier of: (i) the Maturity Date; (ii) the business day immediately preceding the date fixed by the Isodiol for redemption, and (iii) the business day immediately preceding the payment date if subject to repurchase pursuant to a change of control into: (A) that number of common shares in the capital of Isodiol (the “Debenture Shares”) calculated on the basis of the aggregate principal amount of the Convertible Debentures issued divided by the conversion price of $3.15 per Debenture Share (the \"Conversion Price\"); and (B) a cash payment ...