CHARBONE Hydrogen Extends Maturity Date and Amends Convertible Debentures Terms
Key Ideas
- Charbone Hydrogen Corporation extends maturity date of convertible debentures from October 2024 to October 2025.
- Convertible balance increased from $1.2 million to $1.345 million with a decreased annual rate of 14% to 12%.
- Conversion price per Debenture Share reduced from $0.40 to $0.10 CAD with additional warrants issued, subject to TSX Venture Exchange approval.
- The amendments provide Charbone with financial flexibility to execute plans for green hydrogen production facilities in the US and Canada by year end.
Charbone Hydrogen Corporation, based in Brossard, Quebec, announced an amendment to the terms of its secured convertible debentures. The amendment extends the maturity date from October 2024 to October 2025. It also increases the convertible balance from $1.2 million to $1.345 million with a reduced annual rate of 14% to 12%, payable monthly. Additionally, the conversion price per Debenture Share has been lowered from $0.40 to $0.10 CAD, accompanied by the issuance of 1,345,000 new warrants. These changes aim to provide the company with enhanced financial flexibility. Charbone intends to use this flexibility to advance its plans for establishing green hydrogen production facilities in both the US and Canada by the end of the year. These modifications demonstrate Charbone's strategic approach to optimizing its capital structure and fulfilling its commitments to shareholders and stakeholders.