Cybeats lowers conversion price of $1.82M in debentures

Executive Summary

• Cybeats Technologies Corp. has amended the conversion price of its $1,825,000 principal amount of convertible debentures, reducing it from 30 cents to 10 cents per common share.
• The amendment received written approval from holders representing 66-2/3rds of the principal amount, as required by the governing certificates.
• The company aims to reduce the principal amount owing as it enters a period of commercial expansion, with the debentures maturing on January 25, 2026.

Key Details

• Instrument: Convertible Debentures
• Principal Amount: $1,825,000
• Original Issue Date: January 25, 2024
• Maturity Date: January 25, 2026
• Previous Conversion Price: 30 cents per common share
• New Conversion Price: 10 cents per common share
• Approval Status: Written approval received from holders of 66-2/3rds per cent of the principal amount owing.
• Acceleration Clause: Holders have 30 days to convert following written notice if the common shares close above 12.5 cents per share on each trading day for 10 consecutive trading days.
• Reversion Clause: If the holder does not elect to convert during the acceleration period, the conversion price reverts back to 30 cents.

Notable Quotes

• "As the company seeks to enter a period of commercial expansion, it wishes to reduce the principal amount owing under the convertible debentures..."