Friday, June 23, 2017 5:44:49 PM
DISCOVERY HARBOUR ANNOUNCES PROPOSED AMENDMENT TO UNSECURED CONVERTIBLE DEBENTURE AND CONSOLIDATION
Discovery Harbour Resources Corp. has agreed to amend the unsecured convertible debenture in the principal amount of $100,000 issued to Richard Gilliam, a director and significant shareholder of the company, as previously announced in its news releases of March 24, 2017, and April 7, 2017. The Company and Richard Gilliam have agreed to amend the conversion terms of the Debenture from convertible into common shares of the Company to convertible into units (each, a "Unit") of the Company at the greater of $0.05 per Unit or the subscription price for each share in the most recently completed private placement of the Company during the term of the Debenture, subject to adjustment. Each Unit will consist of one common share (each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable into one Share at an exercise price equal to the greater of $0.075 per Share or the warrant exercise price, if any, for each warrant issued in the most recently completed private placement of the Company during the term of the Debenture, subject to adjustment, for a period of one year from April 7, 2017, with an acceleration clause that if the closing share trading price meets or exceeds $0.20 for 10 consecutive trading days then notice can be given that the Warrants must be exercised within 30 days from notice. All other terms of the Debenture shall remain the same. The Amendment is subject to the approval of the TSX Venture Exchange (the "Exchange").
Richard Gilliam is considered a "related party" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the Amendment is therefore considered to be a "related party transaction" within the meaning of MI 61-101. The Amendment, however, is exempt from the valuation requirement and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration of the Debenture issued to the related party did not exceed 25% of the Company's market capitalization. This News Release is being filed less than 21 days before the Amendment being approved because the Company wishes to complete the Amendment in a timely manner.
The Company also announces that it intends to proceed with a consolidation of its outstanding common Shares on the basis of three (3) pre-consolidation Shares for one (1) post-consolidation Share (the "Consolidation").
Currently, a total of 53,393,513 Shares are issued and outstanding. Accordingly, if the Consolidation is completed, a total of 17,797,838 Shares would be issued and outstanding, subject to adjustments for rounding and assuming there are no other changes in the issued capital of the Company. There is currently no maximum number of authorized Shares. There is no name change in conjunction with the Consolidation. The Consolidation is subject to the approval of the Exchange
Recent DHR News
- Danaher Reports First Quarter 2024 Results • PR Newswire (US) • 04/23/2024 10:00:00 AM
- Danaher Schedules First Quarter 2024 Earnings Conference Call • PR Newswire (US) • 03/21/2024 08:15:00 PM
- Danaher to Present at TD Cowen Health Care Conference • PR Newswire (US) • 02/27/2024 09:15:00 PM
- Danaher Commits to Set Science-Based, Net-Zero Greenhouse Gas Emission Reduction Targets • PR Newswire (US) • 02/22/2024 09:15:00 PM
- Danaher Announces Quarterly Dividend • PR Newswire (US) • 02/21/2024 09:15:00 PM
- Danaher Launches Collaboration with Cincinnati Children's Hospital Medical Center Aiming to Improve Patient Safety in Early Drug Development • PR Newswire (US) • 02/05/2024 12:30:00 PM
- Danaher Reports Fourth Quarter and Full Year 2023 Results • PR Newswire (US) • 01/30/2024 11:00:00 AM
- Danaher, Jennifer Doudna, and Innovative Genomics Institute Launch Danaher-IGI Beacon for CRISPR Cures with Aim to Address Hundreds of Diseases Using Gene-editing Platform Solution • PR Newswire (US) • 01/09/2024 12:30:00 PM
- Danaher Says 4Q Adjusted. Revenue to Fall by Less Than Forecast • Dow Jones News • 01/08/2024 09:57:00 PM
- Danaher CEO to Comment on Financial Performance • PR Newswire (US) • 01/08/2024 09:15:00 PM
- Danaher to Present at J.P. Morgan Healthcare Conference • PR Newswire (US) • 01/02/2024 10:00:00 PM
- Danaher Schedules Fourth Quarter 2023 Earnings Conference Call • PR Newswire (US) • 12/21/2023 09:30:00 PM
- Codexis and Aldevron Enter Exclusive Licensing Agreement for Codex® HiCap RNA Polymerase • GlobeNewswire Inc. • 12/13/2023 09:06:00 PM
- Danaher Completes Acquisition of Abcam • PR Newswire (US) • 12/06/2023 12:30:00 PM
- Danaher Cuts Quarterly Dividend to 24 Cents • Dow Jones News • 12/05/2023 10:14:00 PM
- Danaher Announces Quarterly Dividend • PR Newswire (US) • 12/05/2023 09:30:00 PM
- Danaher to Present at Evercore ISI HealthCONx Conference • PR Newswire (US) • 11/21/2023 09:15:00 PM
- Danaher on Track for Largest Percent Increase in Almost a Year -- Data Talk • Dow Jones News • 11/21/2023 07:22:00 PM
- Danaher appoints Christopher Riley to Executive Vice President for Biotechnology • PR Newswire (US) • 10/31/2023 11:30:00 AM
- Danaher 3Q Earnings, Sales Decline but Beat Estimates • Dow Jones News • 10/24/2023 10:41:00 AM
- Danaher Reports Third Quarter 2023 Results • PR Newswire (US) • 10/24/2023 10:00:00 AM
- Keep An Eye Out: Pre-Market Movers And Analyst Recommendations • IH Market News • 10/17/2023 10:34:10 AM
- Danaher Corporation Completes Separation of Veralto Corporation • PR Newswire (US) • 09/30/2023 12:00:00 PM
- Veralto Set to Join S&P 500; Vestis to Join S&P MidCap 400; Others to Join S&P SmallCap 600 • PR Newswire (US) • 09/28/2023 10:17:00 PM
- Danaher Schedules Third Quarter 2023 Earnings Conference Call • PR Newswire (US) • 09/26/2023 08:15:00 PM
FEATURED Cannabix Technologies to Present Marijuana Breathalyzer Technology at International Association for Chemical Testing (IACT) Conference in California • Apr 22, 2024 8:49 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM
Avant Technologies Launches Advanced AI Supercomputing Network and Expansive Data Solutions • AVAI • Apr 23, 2024 8:00 AM
BestGrowthStocks.com Issues Comprehensive Analysis of Triller Merger with AGBA Group Holding Limited • AGBA • Apr 22, 2024 1:00 PM
Kona Gold Beverages, Inc. Prepares for First Production Run Set to Launch May 17, 2024 • KGKG • Apr 22, 2024 8:30 AM
VPR Brands LP Reports Record Annual Financial Performance for Fiscal Year 2023 • VPRB • Apr 19, 2024 11:24 AM