Bionxt issues six million shares for debt of $2.7M

Executive Summary

• Bionxt Solutions Inc. has closed the settlement of $2,704,000 in debt owed to arm's-length creditors by issuing 6,008,883 common shares.
• The settlement involves the conversion of 8% convertible debentures issued in December 2022, comprising $2.6 million in principal and $104,000 in accrued interest.
• The company also issued 300,444 common shares to Canaccord Genuity Corp. as compensation for facilitating the transaction.

Key Details

• Debt Settlement Shares: 6,008,883 common shares issued to creditors.
• Debt Settlement Price: Deemed price of $0.45 per share.
• Total Debt Settled: $2,704,000.
• Debt Composition:
  • Principal Amount: $2,600,000.
  • Accrued Interest: $104,000.
• Underlying Instrument: 8% convertible debentures issued on December 7, 2022.
• Advisor Compensation Shares: 300,444 common shares issued to Canaccord Genuity Corp.
• Advisor Compensation Price: Deemed price of $0.63 per share.
• Restrictions: All shares (debt and compensation) are subject to a statutory four-month-and-one-day hold period under Canadian securities laws.

Notable Quotes

• None provided in the text.