Oragin Foods Inc (OG)

[Edgenation]

NEWS!

Organic Garage Announces Conversion of Debenture Interest Into Equity
March 05 2021 - 09:30PM
Business Wire
Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSXV: OG) In accordance with the terms and conditions of the convertible debenture issued on October 25, 2019 (the “Debentures”) the Company has agreed, subject to the approval of the TSX Venture Exchange (the “TSXV”) to issue 90,190 common shares (the “Shares”) as settlement of payments of interest equal to $71,250.00 accrued between November 1, 2020 to January 31, 2021.

In a news release dated October 25, 2019, the Company had announced the completion of a private placement offering of the Debentures and the terms of such offering. Such terms include the requirement to pay accrued interest on and during the term of the Debentures to their holders within 30 days of each fiscal quarter by way of issuance of common shares at a conversion price equal to the Market Price (as defined in the polices of the TSXV at the time of conversion, subject to TSXV approval. The Shares will be issued at $0.79 per Share and will be subject to a statutory four-month hold period beginning as of the date of issuance of the Shares. The transaction is subject to the approval of the TSXV.