Braingrid debentures converted into stock by European High Growth Opportunities Securitization Fund
Braingrid Limited (CSE:BGRD) (OTCMKTS:BGRDF) announced Tuesday that the European High Growth Opportunities Securitization Fund has converted C$100,000 of a remaining C$210,000 in senior unsecured debentures into more than 1.2 million company shares at C$0.08 apiece.
Under the terms of the C$5.1 million financing deal between Braingrid and the Fund on July 11, the company has a cumulative make-whole obligation of C$668,225, which is payable by cash or stock.
READ: European High Growth Opportunities Securitization Fund converts Braingrid debentures
Braingrid also announced that it had taken steps to minimize cash burn by providing working notice to a number of employees. The company is seeking out additional sources of capital and considering strategic alternatives.
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/902860/braingrid-debentures-converted-into-stock-by-european-high-growth-opportunities-securitization-fund-902860.html
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