TSXV:CSX.H - Post Discussion
Post by
kulewater on Jul 19, 2024 9:10am
Partial Revocation Order Granted
Partial Revocation Order Granted
(TheNewswire)
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| | | | | July 19, 2024 – TheNewswire – Vancouver, British Columbia – Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”)(NEX: CSX.H) has applied for and received from the British Columbia Securities Commission (“BCSC”) a partial revocation of the failure-to-file cease trade order (“FFCTO”) that was issued by the BCSC against the Company on January 5, 2024, for failing to file certain outstanding continuous disclosure documents in a timely manner. |
The partial revocation order allows the Company to undertake a non-brokered private placement to raise up to $250,000 (the “Offering”) through the sale of promissory notes (“Notes”) having the following terms:
(i) the Notes will mature 12 months from the date of issuance;
(ii) the Notes will bear interest at the rate of 18% per annum until maturity; and
(iii) the Notes will not be secured against any assets of the Company and will rank subordinate to certain existing secured debt instruments of the Company.
In addition, the Company will issue bonus shares to each investor in such maximum amount as may be approved by the TSX Venture Exchange following reinstatement of the Company’s Shares for trading. There is no assurance the TSXV will approve the issuance of any bonus shares.
No commissions or finders’ fees will be paid in connection with the Offering.
The Company intends to use the proceeds from the Offering to prepare and file all outstanding financial statements and continuous disclosure records, pay all outstanding related fees and penalties, meet certain financial obligations and to continue operations, at which time the Company will apply for full revocation of the FFCTO. In accordance with applicable securities legislation, the Notes issued pursuant to the Offering will be subject to a hold period of four months and a day from the date of issuance. All of the Company's securities issued in connection with the Offering, will remain subject to the FFCTO until it is fully revoked. The granting of the partial revocation order by the BCSC does not guarantee the issuance of a full revocation order in the future.
ON BEHALF OF THE BOARD
“Graeme Lempriere”
Chairman and Chief Executive Officer
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