Nutritional High Announces Release of Remaining Shares from the Conversion of the 10% Senior Unsecured Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - February 19, 2021) - Nutritional High International Inc. (CSE: EAT) ("Nutritional High" or the "Company") is pleased to announce that the Company has elected to release the remaining shares associated with the conversion of the 10% senior unsecured convertible debentures (the "10% Debentures") described in the Company's management information circular dated September 17, 2020.
In accordance with the amendment approved at the meeting of the debenture holders held on October 8, 2020, the Company has completed the conversion of the 10% Debentures at $.02 per share. Further, 50% of the common shares issued upon the conversion of the 10% Debentures were to have a contractual restriction on transfer which was subject to early release, in whole or part, at the discretion of the Company. The Company has elected to allow for the early release from such restrictions.
The final outstanding balance of the 10% Debentures which was converted as of October 28, 2020 was $5,673,000. As such, on October 29, 2020 the Company issued to holders of the 10% Debentures, 141,825,000 common shares. With the release of the remaining shares from the contractual transfer restriction, the remaining 141,825,000 shares will be issued on or about February 25, 2021.
With the issuance of the above shares, in addition to debenture conversions which took place up to the date of forced conversion, the Company will now have total basic shares outstanding of 995,587,157.