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SuperBuzz Announces Automatic Conversion of Special Warrants, Debt Settlement, Extension of Loan Agreement and Early Warning Disclosure
Toronto, Ontario--(Newsfile Corp. - April 21, 2025) - SuperBuzz Inc. (TSXV: SPZ) (" SuperBuzz "...
About this update from Superbuzz Inc
[{"type":"text","content":"SuperBuzz Announces Automatic Conversion of Special Warrants, Debt Settlement, Extension of Loan Agreement and Early Warning DisclosureToronto, Ontario--(Newsfile Corp. - April 21, 2025) - SuperBuzz Inc. (TSXV: SPZ) (\"SuperBuzz\" or the \"Company\"), is pleased to announce that, further to its press releases dated December 24, 2024, January 10, 2025 and February 4, 2025, the Company completed its previously announced non-brokered private placement financing of special warrants (each, a \"Special Warrant\") of the Company at a price of C$0.16 per Special Warrant for gross proceeds of C$706,554.06 (the \"Offering\") on April 14, 2025. Each Special Warrant of the Company was automatically exchanged for units of the Company (each, a \"Unit\") upon satisfaction of the applicable exercise conditions: (i) receipt of shareholder approval with respect to the Consolidation (as defined in the February 18, 2025 news release); (ii) completion of the Consolidation; and (iii) receipt of all corporate and regulatory approvals, including the approval of the TSX Venture Exchange (\"TSXV\"), for the Offering and the Consolidation.Each Unit consists of one common share in the capital of the Company (each, a \"Common Share\") and one Common Share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant entitles the holder to purchase one Common Share for a period of 24 months from the applicable issuance date of the Special Warrants at the following exercise prices: (i) C$0.22 per Common Share if exercised within the first 12 months from the closing date of the applicable tranche of the Offering; and (ii) C$0.28 per Common Share if exercised during the subsequent 12-month period prior following the closing date of the applicable tranche of the Offering.Debt Settlement, Loan Extension and Early Warning DisclosureEffective April 14, 2025, the Company also announces that it has settled C$150,000 of debt (the \"Debt Settlement\") through the issuance of 937,500 Common Shares at a price of C$0.16 per Common Share to Yoel Yogev, the Chairman and a director of the Company (the \"Lender\"). The Company also announces that its wholly-owned subsidiary, Message Notify Ltd., a company organized under the laws of the State of Israel (the \"Borrower\"), which entered into a loan agreement effective August 5, 2024 (the \"Agreement\") to borrow US$755,7...