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Bullboard - Stock Discussion Forum Criterium Energy Ltd V.CEQ

Criterium Energy Ltd. is a Canada-based upstream energy company. The Company is focused on the acquisition and sustainable development of assets in southeast (SE) Asia that are capable of scalable growth and cash generation. The Company, through Mont D’Or Petroleum Limited, holds interests in Tungkal PSC and West Salawati PSC. Tungkal PSC covers an area of about 2,285 square kilometers and... see more

TSXV:CEQ - Post Discussion

Criterium Energy Ltd > Softrock Minerals to Issue Shares in Satisfaction of Debt
View:
Post by jsnfernley on Jun 11, 2020 10:26pm

Softrock Minerals to Issue Shares in Satisfaction of Debt

Well isn't that interesting?

On the last financials, the debentures totalled $70k, were owed to officers, directors and a family member of an officer and director.  

Here are the terms for repayment and at what price:

"The debentures are convertible at the holder’s option into common shares of the Company at a
conversion price of $0.05 per common share at any time prior to the maturity date. On maturity, the Company may, at its option, elect to satisfy its obligation to repay all or any portion of the principal amount outstanding by issuing that number of common shares determined by dividing the principal amount being repaid by 95% of the market price on the date of maturity."

But the maturity was extended to 6/15/21 by the debenture holders--they aren't matured yet, so shouldn't they be converted at $.05/per share?

Meanwhile, all of the warrants outstanding should be expired if not exercised.

Mr. McDowall looks like he's getting ready to make some moves.

I wonder what the rollback will be.
Comment by geologist77 on Jun 17, 2020 12:07pm
It's not interesting it's disgusting.
Comment by jsnfernley on Jun 17, 2020 1:20pm
I just looked at the Financial Statements going back two audits, the extension on the debentures was through 6/15/20 until the interim F/S's of 3/31/20, which were filed on SEDAR on 5/15/20. If someone Canadian would like to complain to the BCSC, please do.  As an American, I don't think they'll do anything other than throw it in the trash if I do it.
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