Debenture Shares
Edgewater Wireless to issue debenture interest shares
2024-10-29 02:19 ET - News Release
Mr. Andrew Skafel reports
EDGEWATER WIRELESS ANNOUNCES COMPLETION OF PAYMENTS OF DEBENTURE INTEREST
Edgewater Wireless Systems Inc. has settled its obligation to pay an aggregate of $18,047.12 in interest as of June 1, 2024, and $18,047.12 in interest as of Sept. 1, 2024, to the holders of its unsecured debentures issued Sept. 1, 2022, through the issuance of an aggregate of 360,936 and 360,936 common shares of the company at a deemed price of five cents per share. The shares are issued in full satisfaction of the June 1, 2024, and Sept. 1, 2024, interest payment obligation in accordance with the terms of the debentures. The debt settlement has been approved by the TSX Venture Exchange.
Certain directors of the company received an aggregate of 69,565 and 69,565 shares, and therefore, the share issuance constitutes a related-party transaction as that term is defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company will rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the shares, nor the debt exceeds 25 per cent of the company's market capitalization.
About Edgewater Wireless Systems Inc.