Purebread to issue 532,322 debt shares

Executive Summary

• Purebread Brands Inc. has agreed to settle $484,000 (U.S.) of accrued and outstanding indebtedness by issuing 532,322 common shares to an arm's-length creditor.
• The settlement involves shares issued at a price of $1.25 per share, resulting in an increase in the total share count from approximately 27.57 million to 28.10 million shares.
• The transaction is subject to TSX Venture Exchange approval and relates to a debenture originally issued in December 2023, which was not previously announced due to inadvertence.

Key Details

• Settlement Amount: $484,000 (U.S.) / $665,403 (Canadian) in accrued and outstanding indebtedness.
• Shares Issued: 532,322 common shares.
• Price Per Share: $1.25.
• Pre-Settlement Share Count: 27,566,263 common shares.
• Post-Settlement Share Count: 28,098,585 common shares.
• Underlying Instrument: Debenture originally issued on December 22, 2023, with a principal amount of $400,000 (U.S.) / $562,520 (Canadian).
• Interest Rate: 10.5% per annum.
• Maturity Date: December 22, 2025.
• Hold Period: Four-month hold period from the date of issuance in accordance with Canadian securities laws.
• Regulatory Status: Subject to TSX Venture Exchange approval.
• Disclosure Note: The company acknowledged that the original issuance of the debenture was not announced at the time due to inadvertence.

Notable Quotes

• None provided in the text.