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Financings

Mydecine Innovations Group Closes Debt Settlements

By The Northwire Desk — AI Analysis Oct 14, 2025 · 18:00 MYI · None None
MYI · Price

Executive Summary

  • Mydecine Innovations Group Inc. closed multiple debt settlement agreements, issuing convertible debentures to settle approximately USD $1.39 M and CAD $9.43 M of outstanding obligations.
  • The settlements include a USD $100,000 debenture (with remaining balance forgiven), a CAD $1.31 M debenture to CEO Josh Bartch, a CAD $7.88 M debenture to Pioneer Garage Ltd., and a secured CAD $243,479 debenture to an arm‑length creditor.
  • The company also announced a 50‑for‑1 share consolidation effective October 21, 2025, reducing outstanding common shares from ~61.8 M to ~1.24 M.

Key Details

  • Total Debt Settled: USD $1,386,391 and CAD $9,432,107.
  • Convertible Debentures Issued:
  • USD $100,000 debenture (remaining balance forgiven) – 1‑year maturity, conversion at greater of 30‑day VWAP or CSE minimum price.
  • CAD $1,309,836 “Bartch” debenture to CEO – 1‑year maturity, convertible after 4 months + 1 day at greater of 20‑day VWAP or CSE minimum price.
  • CAD $7,878,792 “Pioneer” debenture – same terms as Bartch debenture.
  • Secured CAD $243,479 debenture (USD $100,000 principal) – interest 1% per month, convertible at greater of 30‑day VWAP or CSE minimum price; default interest 24% p.a.
  • Interest Terms: No interest accrues prior to default; upon default, 8% p.a., compounded quarterly (except secured debenture with stated rates).
  • Hold Period: All securities subject to a statutory hold period of four months and one day.
  • Related‑Party Transaction: Each settlement qualifies as a related‑party transaction under MI 61‑101; minority shareholder approval obtained with required exclusions.
  • Share Consolidation: 50‑for‑1 reverse split, effective October 21, 2025 (record date October 6, 2025). Post‑consolidation shares ~1,235,107; fractional shares rounded down, no cash paid.
  • Adjustment of Convertible Securities: Conversion price and share counts of existing convertible securities will be proportionally adjusted following the consolidation.
  • New Identifiers: ISIN CA62849F4087; CUSIP 62849F408.

Notable Quotes

  • “The Board determined that settling outstanding debts by issuing debentures preserves cash for working capital and improves our financial situation.” – Joshua Bartch, CEO

All forward‑looking statements are subject to risks and uncertainties as described in the release.

Read the original news release →