Claritas Pharma private placement 2021-12-17 16:14 ET - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced on Aug. 18, 2021.
Convertible debenture: $1,262,300 (approximately $1-million (U.S.)) in outstanding principal amount of convertible debenture, issued at a 17.50-per-cent discount to the original purchase price
Conversion price: convertible into common shares of the company at a conversion price of 35.5 cents of principal amount outstanding per common share until the maturity date (as defined below)
Maturity date: 12 months from the date of issuance
Additional information: Monthly payments will commence on Feb. 15, 2022, in an amount equal to one-eighth of the outstanding principal amount on the debenture. Upon meeting certain equity conditions (as defined in the debenture certificate), the company will have the option to repay the principal repayment amount on the debenture in shares of the company subject to exchange review and approval at the time when it is proposed. Additional filings may be made by the company, subject to further exchange review and approval, upon mutual consent of the company as well as the creditor, to amend the conversion price on the debenture and/or to issue additional shares in lieu of cash payments to fulfill certain obligations in accordance with the terms of the debenture certificate and in compliance with the TSX Venture Exchange corporate finance manual.
Interest rate: 0 per cent
Number of placees: one placee
Insider/pro groups: none
Finder's fee: $70,000 (U.S.) payable to B. Riley Financial Inc.
Pursuant to corporate finance Policy 4.1, Section 1.11(d), the company issued a news release dated Oct. 19, 2021, announcing the closing of the private placement and setting out the expiry dates of the hold period(s).
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