Acceleware Announces Conversion of Convertible Debentures

Accelware (TSXV:AXE) has announced that it has exercised its option to convert all outstanding principal and accrued interest related to the 10 percent unsecured convertible debentures issued on December 16, 2016.
As quoted in the press release:

 A total of $1,014,302 ($925,000 of principal and $89,302 of accrued interest) was converted into units of the Corporation (the “Units“) at a conversion price of $0.15 per Unit. Each Unit consists of one common share of the Corporation (a “Common Share“) and one-half of one Common Share purchase warrant of the Corporation (a “Warrant“). Each whole Warrant entitles the holder of the Warrant to acquire one Common Share, at an exercise price of $0.30, for a period ending on December 16, 2018. Pursuant to the conversion, the Corporation distributed a total of 6,762,014 Units.

“The conversion of these Debentures allows Acceleware to save considerable interest expense and simplifies our balance sheet,” said Geoff Clark, Acceleware CEO. “We remain extremely excited about our investment in Acceleware and management’s execution of their plan,” said Chad Robinson, Managing Director of Resource Merchant Capital (RMC), a significant holder of the Debentures. “As always, RMC will be taking a long-term approach to the investment, partnering with Acceleware to meet its growth potential.”

Click here to read the full press release.