Question, PP I like ON, question I have. is the four month hold coming off this paper in mid to late Sept? .. any inisight see below.. just looking for the impact of this settlement in the market... thanks CTW
SAN DIEGO, May 21, 2015 /PRNewswire/ -- OneRoof Energy Group, Inc. (TSXV: ON) (the "Company"), operating through its wholly owned subsidiary, OneRoof Energy, Inc. ("OneRoof"), a residential solar services provider, today announced that it has entered into an agreement with Hanwha Holdings (USA), Inc. ("Hanwha") to issue approximately 35,578,894 common shares of the Company ("Common Shares") to Hanwha in settlement of approximately US$2.0 million in outstanding indebtedness to Hanwha, subject to TSX Venture Exchange ("TSXV") approval.
Upon entering into the agreement, OneRoof issued a promissory note in the principal amount of US$1,915,778 (the "Note") to Hanwha in exchange for the same amount of existing indebtedness owed by the Company, and its subsidiaries, to Hanwha. The Note will mature and be payable on the earlier of: (i) five business days from the date the Company receives approval from the TSXV to repay the Note in full in exchange for Common Shares or (ii) the 43rd monthly anniversary of the issuance of the Note. The Common Shares will be issued at a price of CDN$.07 per Common Share. The exact number of Common Shares to be issued in satisfaction of the Note will vary according to the exchange rate and interest outstanding on the Note as at the date of maturity. The Note is subject to a statutory hold period of four months pursuant to Canadian securities laws, as well as any statutory hold periods mandated by relevant U.S. securities laws. The settlement of the outstanding debt for Common Shares is subject to all applicable regulatory approvals, including the acceptance of the TSXV.