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Isodiol International Inc. Announces Update to Previously Announced Convertible Debenture Offering
Isodiol International Inc. Announces Update to Previously Announced Convertible Debenture Offering.
About this update from Isodiol International Inc
[{"type":"text","content":"\nVANCOUVER, British Columbia, Nov. 19, 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 a financial advisory agreement (the “Agreement”) with Haywood Securities Inc. and Clarus Securities Inc. (the “Co-Advisors”) to act as financial advisors to the Company in connection with a strategic investment (the “Strategic Investment”) for aggregate gross proceeds of $6,000,000 (the “Offering”).\n The Convertible debenture units (the “Convertible Debenture Units”), of the Company, each consist of (i) C$1,000 principal amount of senior unsecured convertible debentures of the Company (the “Debenture”); and (ii) 233 common share purchase warrants of the Company (each, a “Warrant” and together, the “Warrants”). Each Warrant shall be exercisable by the holder thereof for one common share in the capital of the Company (each a “Warrant Share” and together, the “Warrant Shares”) at an exercise price per Warrant Share of C$2.75 for a period of 24 months from the Closing Date. The Debentures shall bear interest at a rate of 8% per annum from the date of issue, payable semi-annually in arrears on June 30 and December 31 of each year, commencing December 31, 2018. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. The December 31, 2018 interest payment will represent accrued interest for the period from the Closing Date to December 31, 2018. The Debentures will be convertible at the holder’s option or upon mandatory conversion at the request of the Company on the earlier of: (i) the Maturity Date; (ii) the business day immediately preceding the date fixed by the Company for redemption, and (iii) the business day immediately preceding the payment date if subject to repurchase pursuant to a Change of Control (as defined below) into: (A) that number of common shares in the capital of the Company (the “Debenture Shares”) calculated on the basis of the aggregate principal amount of the Debentures issued divided by the conversion price of C$2.15 per Debenture Share (the Conversion Price); and (B) a cash payment equal to the addition...