Covalon Announces Early Conversion of Debentures to Equity
Covalon Technologies Ltd. (the "Company" or "Covalon") (TSXV: COV), an advanced medical technologies company, today announced
that all remaining debenture holders of the convertible debentures originally issued on August 30, 2013 and maturing on August 30,
2016 have converted the debentures and related accrued interest into an aggregate of approximately 3,756,517 shares of Covalon.
The debentures bore interest at a rate of 12% per annum, which was accrued and added to the principal amount outstanding under
the debentures. Approximately 208,467 of the shares to be issued are in settlement of accrued interest, pursuant to TSXV approval.
Included in the conversion are debentures held by three insiders of the Company that will be converted into approximately 2,726,089
shares, inclusive of accrued interest.
About Covalon
Covalon Technologies Ltd. researches, develops and commercializes new healthcare technologies that help save lives around the
world. Covalon's patented technologies, products and services address the advanced healthcare needs of medical device companies,
healthcare providers and individual consumers. Covalon's technologies are used to prevent, detect and manage medical conditions in
specialty areas such as wound care, tissue repair, infection control, disease management, medical device coatings and
biocompatibility. To learn more about Covalon, visit our website at www.covalon.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which reflect the Company's current expectations regarding future
events. The forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate",
"plan, "estimate", "expect", "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or
be achieved and other similar expressions. These forward-looking statements involve risk and uncertainties, including the
difficulty in predicting product approvals, acceptance of and demands for new products, the impact of the products and pricing
strategies of competitors, delays in developing and launching new products, the regulatory environment, fluctuations in operating
results and other risks, any of which could cause results, performance, or achievements to differ materially from the results
discussed or implied in the forward-looking statements. Many risks are inherent in the industry; others are more specific to the
Company. Investors should consult the Company's ongoing quarterly filings for additional information on risks and uncertainties
relating to these forward-looking statements. Investors should not place undue reliance on any forward-looking statements. The
Company assumes no obligation to update or alter any forward-looking statements whether as a result of new information, further
events or otherwise.
Covalon Technologies Ltd.
Brian Pedlar, 905.568.8400 x 233
CEO
bpedlar@covalon.com
Toll free: 1.877.711.6055
Web site:
www.covalon.com
Twitter: @covalon
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