1933 Industries (CSE:TGIF, OTCQX:TGIFF) announced today that all amendments put forth by the company were approved by the holders of 10% Senor Unsecured Convertible Debentures (due September 14, 2021).
Debentureholders voted overwhelmingly in favour of the amendments proposed by the Company, with support for each amendment ranging from 84.3% to 99.9% of votes received.
As a result, the following Debenture Amendments will be made to the indenture governing the convertible debentures:
(a) the conversion price applicable to the debentures is amended from $0.45 per share to $0.10 per share;
(b) the price at which the Company may require a forced conversion of the debentures is amended from $0.70 per share to $0.15 per share, with any such conversion to be made at the amended conversion price of $0.10 per share;
(c) the Company is authorized, at its discretion, to pay interest due on the debentures in cash or through the issuance of its common shares, at a price of $0.10 per share;
(d) payment of interest is amended from being payable semi-annually in arrears on the last day of June and December in each year to being payable at the maturity date of the debentures.
The amendments will allow 1933 Industries to strengthen its balance sheet. Mr Paul Rosen, CEO of 1933 Industries stated “We are laser-focused on building a profitable and scalable business that is renowned for its best-in-class infrastructure and high-quality products.”
1933 Industries anticipates the effective date of the approved Debenture Amendments will be on or about June 30, 2020, the date which the company expects to enter into the supplemental indenture with Odyssey Trust Company.
1933 Industries is a market awareness client of Capital 10X.
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