ftfd12 Good thing all these debenture holders converted at 1.02. Must all be idiots right, did not realize that all of this was just a fantasy right. So sh^thawks. Please start cr@pping away.
Cielo issued 10,000 non-interest-bearing, unsecured convertible debentures (the "Debentures"), each issued at CDN$1,000 per Debenture, on a prospectus-exempt basis, the principal amount of the Debentures being convertible into common shares at $1.02 per share during the 12 month term of the Debenture.
Cielo is pleased to announce that all of the Debentures have been converted following issuance at $1.02 per share. First Choice Financial ("FCF"), the arm's length third party with whom Cielo had entered into the binding letter of intent announced on March 3rd and who arranged for the aggregate loan, and the individual lenders, who are existing Cielo shareholders and connected with FCF, have decided to exercise the Debentures now, even though they are at a premium to the current market. All Debentures and the common shares that were issued upon the conversion thereof are subject to a statutory 4-month hold period expiring on August 30, 2021.