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Coho Collective Kitchens Inc. Announces Convertible Debenture Financing of CAD$1,650,000
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Coho Collective Kitchens Inc. (TSXV...
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[{"type":"text","content":"Coho Collective Kitchens Inc. Announces Convertible Debenture Financing of CAD$1,650,000Vancouver, British Columbia--(Newsfile Corp. - May 9, 2023) - Coho Collective Kitchens Inc. (TSXV: COHO) (\"Coho\" or the \"Company\"), a commercial real estate and food technology company that provides private and shared kitchen and food production space to a variety of businesses, is pleased to announce that, subject to acceptance by the TSX Venture Exchange (the \"TSXV\"), the Company intends to complete a non-brokered private placement of convertible debentures of the Company (each, a \"Convertible Debenture\"). Each Convertible Debenture has a price of CAD$1,000 and the Company has executed a term sheet with an arm's length party for 1,650 Convertible Debentures, resulting in gross proceeds to the Company of CAD$1,650,000 (the \"Offering\").Each Convertible Debenture will bear interest at a rate of 8% per annum, calculated and payable semi-annually in arrears, with the first payment beginning on June 30, 2023. The Convertible Debentures will mature on March 31, 2026 (the \"Maturity Date\"). The principal amount of each Convertible Debenture (the \"Principal Amount\") will be convertible into common shares of the Company (\"Common Shares\") at a price of CAD$0.15 per Common Share (the \"Conversion Price\") at the option of the holder of a Convertible Debenture (the \"Holder\") at any time prior to the close of business on the Maturity Date.At the election of the Company, all interest accrued on the Convertible Debentures will be payable in cash or, subject to approval by the TSXV, Common Shares.The Convertible Debentures will be unsecured obligations of the Company, and will be subordinated in right of payment of principal and interest to all secured debt and to all existing and future senior indebtedness of the Company and senior to any of the Company's future debt that is expressly subordinated to the Convertible Debentures. The proceeds received by the Company from the Offering are intended to be used for advancement of the Company's facilities, M&A, and general corporate activities. The closing of the Offering remains subject to receipt of TSXV approval and all other necessary regulatory approvals. About CohoCoho is a growth stage, community-driven, commercial real estate and food technology company that provides private and share...