Pretty good for share price... March 5, 2019 – HIT Technologies Inc. (the "Company"; TSX.V: HIT) is pleased to announce that, subject to regulatory approval, it intends to amend (the “Amendments”) the terms of its existing convertible debentures (the “Existing Debentures”) in the aggregate principal amount of $328,500 and an aggregate of 12,845,238 share purchase warrants (the “Existing Warrants”), in exchange for postponing certain interest payments, subject to approval of the TSX Venture Exchange (the “Exchange”).
The Existing Debentures currently have the following terms: (i) a principal amount of $300,000 with a maturity date of February 16, 2020 and an interest rate of 10% per annum, convertible at $ $0.10 per share until February 16, 2020; and (ii) a principal amount of $28,500 with a maturity date of November 7, 2019 and an interest rate of 10% per annum, convertible at $0.10 until November 7, 2019.
The Existing Warrants currently have the following terms: (i) 8,095,238 warrants with an exercise price of $0.10 per share until February 16, 2020; and (ii) 4,750,000 warrants with an exercise price of $0.07 per share until May 10, 2020. Pursuant to the policies of the Exchange, the exercise period of these respective warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired term of the respective warrants, the closing price exceeds $0.625.
Pursuant to the Amendments, the conversion price for the Existing Debentures will be amended to $0.05 per share until the remainder of the respective terms. Furthermore, the exercise price for the Existing Warrants will be amended to $0.05 per shar until the respective expiry dates.