TORONTO, Feb. 27, 2023 (GLOBE NEWSWIRE) -- EnviroGold Global Limited (CSE: NVRO | OTCQB: ESGLF | FSE: YGK) (“EnviroGold Global” or the “Company”), a Clean Technology Company accelerating the world’s transition to a circular-resource economy, announces that it proposes to amend the expiry date of an aggregate of 6,218,095 outstanding share purchase warrants (the “Warrants”) that were issued on April 6, 2022, April 8, 2022 and April 22, 2022 pursuant to a multi-tranche private placement of units. Each Warrant currently entitles the holder to purchase one additional common share of the Company at a price of $0.48 at any time prior to 5:00 p.m. (Vancouver time) for one year from issuance (the “Expiry Date”). The Expiry Date of the Warrants will be extended by an additional eighteen months so that all three tranches of the Warrants expire on October 22, 2024. All other terms of the Warrants will remain unchanged.
The Company also announces that pursuant to its shareholder approved restricted share unit plan (the “RSU Plan“), it has granted an aggregate of 6,088,013 restricted share units (“RSUs”) to directors, officers and employees of the Company (the “Eligible Parties”). The RSUs shall entitle the Eligible Parties the ability to acquire one common share (a “Share”) of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan for a period of 5 years from issuance. In accordance with the RSU Plan, the RSUs were priced at $0.25 based on the most recent financing that closed on February 6th and 7th. The RSUs will vest in tranches, with 3,734,614 vesting on March 31, 2023 and the remaining 2,335,532 will vest annually over a period of two additional years in equal amounts.
The Company announces that it has settled $50,000 in debt through the issuance of a unsecured convertible note (the “Note”) to Anderson Creagh Lai Limited (the “Creditor”), for general legal fees. The Creditor is a "Non-Arm's Length Party” of the Company, a legal firm for which Phil Creagh (a director of the Company) is a partner and a shareholder.
The Note matures twenty-four months from the date of issuance (the “Maturity Date”) and bear interest at the rate of 8.0% per annum, calculated as simple interest accrued monthly in arrears. Pursuant to the terms of the Note, the subscriber may at any time prior to the Maturity Date convert the principal amounts of the Note into common shares of the Company (“Common Shares”), at a price of $0.25 per Common share. The accrued and unpaid interest is convertible into common shares at the average closing price on CSE for the 20 trading days immediately prior to the date of conversion
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