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BluMetric Environmental (TSXV:BLM) has announced it has completed the conversion of $122,793 of existing debt for 511,638 common shares from a transaction previously announced October 4. As quoted in the press release: “Our thanks to all those who have participated in our ongoing focus on reducing debt and improving our balance sheet,” said Roger Woeller, CEO …
BluMetric Environmental (TSXV:BLM) has announced it has completed the conversion of $122,793 of existing debt for 511,638 common shares from a transaction previously announced October 4.
As quoted in the press release:
“Our thanks to all those who have participated in our ongoing focus on reducing debt and improving our balance sheet,” said Roger Woeller, CEO of BluMetric Environmental Inc. “It improves our working capital position and enables us to grow more effectively.”The conversion price was $0.24 per share. All of the securities issuable in connection with the transaction are subject to a hold period ending February 25, 2018.
The debt-to equity conversion included participation by one insider on the same terms and conditions as the other participants. Ron Donaldson, through his holding company, is considered a related party within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Board of Directors determined that an exemption is available from the formal valuation and minority shareholder approval requirements under MI 61-101.
