Seair Announces Issuance of Shares in Satisfaction of Bond Interest Payment and Grant of Security Interest

Seair (TSXV:SDS) is pleased to announce that in accordance with the terms of a trust indenture entered into between the Company and BNY Trust Company Of Canada dated October 31, 2012, as supplemented by the first supplemental indenture made effective October 31, 2013 and by the second supplemental indenture made effective May 14, 2014, further by the third supplemental indenture made effective December 21, 2015 and the fourth supplemental indenture on September 13, 2016, they have agreed to issue an aggregate of 1,959,590 common shares in the capital of the Company to holders of the Company’s 12 percent Secured, Subordinate, Convertible, Redeemable Debentures in satisfaction of an aggregate of $137,171.31 interest payable to holders on December 31, 2016. The issuance of the Common Shares is being made pursuant to the Company’s exercise of the share interest right provided for in the Indenture.
As quoted in the press release:

The Company first announced their exercise of the Share Interest Right on May 30, 2014.
The issuance of the Common Shares in lieu of cash under the Share Interest Right is subject to the terms and conditions of the Indenture as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSX Venture Exchange. The Company anticipates that holders of Debentures should receive their Common Shares in lieu of cash interest on the Debentures in January 2017.

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