Vext Science, Inc. (CSE:VEXT) (OTCQX:VEXTF) announced on Thursday that it has entered into definitive agreements with holders of the company’s existing 11.25% secured non-convertible debentures.
Under the deals, the debenture holders will convert all of the outstanding $4.6 million principal amount of debentures, together with accrued and unpaid interest up to Dec. 31, 2023, and a 2.5% conversion incentive fee, for an aggregate of 27,700,625 common shares of the company.
Transaction Details
Under the conversion agreements, Vext agreed to issue to the debenture holders an aggregate of 27,700,625 common shares in satisfaction of the outstanding $4.6 million principal amount of debentures, together with accrued and unpaid interest up to Dec. 31, 2023, and the conversion fee, at a deemed price of $0.175 per share.
Closing of the ...