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Navigator Announces Private Placement, Shares for Debt Settlement and New Director
Vancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Navigator Acquisition Corp.(T...
About this update from Navigator Acquisition Corp.
[{"type":"text","content":"Navigator Announces Private Placement, Shares for Debt Settlement and New DirectorVancouver, British Columbia--(Newsfile Corp. - September 9, 2024) - Navigator Acquisition Corp.(TSXV: NAQ) (\"Navigator\" or the \"Company\") announces that it intends to complete a non-brokered private placement (the \"Private Placement\") for gross proceeds of up to $200,000 and that it intends to settle outstanding convertible debentures of the Company (the \"Convertible Debentures\") by way of a shares for debt settlement. The Company also announces the appointment of Brett Janis as a director of the Company.Private PlacementThe Company announces its intention to complete a non-brokered Private Placement of up to 800,000 common shares in the capital of the Company (the \"Common Shares\") at a price of $0.25 per Common Share for gross proceeds of up to $200,000, to finance the costs associated with proceeding to complete its proposed qualifying transaction with MGID Inc. (the \"Qualifying Transaction\"), which was first announced in the Company's news release dated March 31, 2023. The Company anticipates the Private Placement will consist of two tranches. The Company expects to issue 673,973 Common Shares for gross proceeds of $168,493 in the first tranche of the Private Placement, of which 126,027 Common Shares would be subscribed for by a non-arm's length party and placed into escrow pursuant to TSX Venture Exchange (the \"Exchange\") Policy 2.4 - Capital Pool Company (\"Policy 2.4\") and Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions (\"Policy 5.4\"). The Private Placement is considered a bridge financing under Policy 2.4.Convertible DebenturesBetween August 3, 2022 and April 3, 2024, the Company closed nine tranches of Convertible Debentures offerings (the \"Offerings\"), receiving aggregate proceeds of $369,200. The Convertible Debentures varied in conversion price from $0.05 to $0.25 and with interest rates of 6% to 10%. The payable term of the Convertible Debentures ranged from 12 months to 36 months. The issuance of the Convertible Debenture is not permitted and not acceptable by the Exchange under Policy 2.4. The Company and the holders of the Convertible Debentures have agreed to settle the principal amount of $369,200 by way of the Shares for Debt Settlement (as defined herein). The Company confirms that no interest...