Mondias announces Debt Conversion Settlements
MONTREAL, Sept. 23, 2020 /CNW/ - Mondias Natural Products Inc. (TSXV: NHP) (the "Company" or "Mondias ") announces that it intends to settle a total of CAD$919,647 of debt (the "Debt") owed to certain (i) directors of the Company to whom director fees are owed, (ii) debenture holders of the Company who have elected to convert their debentures, (iii) holders of Preferred Class E and Preferred Class I who have requested that the Company redeem their shares, and (iv) private lenders of the Company (each a "Creditor") (the "Shares for Debt Settlements"). The Company will settle the Debt by issuing to the Creditors 11,495,586 common shares of the Company at a deemed price of $0.08 per common share.
The Shares for Debt Settlements have been negotiated as a condition to the Proposed Transaction announced in a previous press release of the Company issued on July 23, 2020 (available here).
All securities issued in connection with the Shares for Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Closing of the Shares for Debt Settlement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the TSXV.
About Mondias Natural Products Inc.
Mondias specializes in the commercialization and development of evidence-based botanical products for the healthcare and bio-agriculture. The Company sells both oral and topical botanical agents to help manage unmet medical needs through its Holizen Laboratories division. Mondias is also developing botanical-based specialty fertilizers for use on household plants, lawns and golf courses and in urban gardens, nurseries and greenhouses, in collaboration with McGill's Faculty of Agricultural and Environmental Sciences. For more information, visit: www.mondias.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mondias Natural Products Inc.
Mondias Natural Products Inc., Mario Paradis, Chief Financial Officer, 514-641-0181, [email protected]
Share this article