![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Thursday, March 18, 2021 5:53:21 PM
Calgary, Alberta--(Newsfile Corp. - March 18, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB: RIINF) ("Braveheart" or the "Company") is pleased to announce that it has reached agreement with 2166687 Alberta Ltd. ("2166687"), holder of a $3.6 million convertible debenture (the "Debenture") of the Company, to retire the Debenture in exchange for the Company's issuance of common shares and warrants. 2166687 is a holding entity for approximately 90 underlying note holders.
The Debenture being settled is convertible into common shares of the Company at a conversion price of $0.30 per share as described in the Company's press release issued on August 14, 2020. In exchange for settlement of the Debenture, the underlying holders will receive units of the Company equivalent to the $3.6 million principal amount of the Debenture less prepaid interest of $64,000 based on a price of $0.13 per unit, for a total of 27,200,000 units. Each unit shall be comprised of one common share and one warrant, with each warrant exercisable into a common share at an exercise price of $0.20 per share for a period of three years. The warrants will have an acceleration clause whereby should the volume weighted average trading price of the common shares of Braveheart exceed $0.30 per share for at least 10 consecutive trading days the warrant holders will receive written notice that the warrants, unless exercised, will expire on the 30th day following notice of the acceleration.
The issuance of common shares and warrants in connection with the settlement of the Debenture is subject to the approval of the TSX Venture Exchange.
Peter Lacey, a Director of 2166687, stated, "We are pleased with the progress that Braveheart is making towards the successful restart of the Bull River Mine project. We are also encouraged by the recent acquisition of the past producing Thierry copper nickel project in Ontario and the negotiation of an offtake concentrate sales agreement with Ocean Partners. This transaction provides debenture note holders with liquidity and represents fair value relative to the strength of the assets and the current share price."
Ian Berzins, President and CEO, commented, "I am pleased that we were able to work closely with the debenture note holders to complete an early conversion of the remaining debenture and eliminate $3.6 million in debt from our balance sheet. Once again, the debenture note holders have converted debt at a price that is higher than our current trading levels, demonstrating their strong support for our projects."
It is easy to figure out what you believe. The difficulty lies in determining - is what you believe the truth.
HealthLynked Corp. Announces Second Quarter and First Half 2024 Results: Continued Cost Reductions Set the Stage for Strategic Shift to App-Based Technology Services • HLYK • Aug 16, 2024 8:00 AM
PickleJar Announces Official Name Change and New Ticker Symbol • NREG • Aug 15, 2024 2:23 PM
VAYK's Q2 Profit Added to Accumulated Net Profit of Over $2.2 Million In 18 Months • VAYK • Aug 15, 2024 9:07 AM
Swifty Global Reports Strong Q2 Performance and Prepares for Major Exchange Uplisting • DRCR • Aug 15, 2024 9:04 AM
Mayback's Global Entertainment Signs Global Distribution Agreement with Children's Media Studio • AHRO • Aug 15, 2024 8:45 AM
POET Technologies Reports Second Quarter 2024 Financial Results • POET • Aug 15, 2024 8:04 AM