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Metamaterial Inc. ("Company" or "META") (CSE:MMAT) a developer of high-performance functional materials and nanocomposites, has forced conversion of the 10% senior secured convertible debentures due on October 31, 2024 held by BDC Capital Inc.("BDC"). The terms of the debenture issued to BDC enable the Company to force conversion of the principal and accrued interest on the debenture to common stock of the Company so long as the market performance of the Company's stock meets the specific metrics described in the debenture. In particular, the common shares of the Company are required to have traded on the CSE at a volume-weighted average price of greater than 100% of the Conversion Price of $1.40 per share defined in the debenture instrument for a period of 20 consecutive trading days with a minimum daily volume of at least 100,000 common shares. These conditions were met on March 2, 2021. In accordance with the terms of the certificate representing the debentures, the Company required mandatory conversion of $5,370,776 of principal and accrued interest at the specified price of $0.70 per share into 7,672,537 shares of the common stock of the Company, representing approximately 7% of the total outstanding shares. All security interests held by BDC on assets of the Company will be immediately discharged
About Metamaterial Inc.
META is changing the way we use, interact with, and benefit from light and other forms of energy. META designs and manufactures advanced materials and performance functional films which are engineered at the nanoscale to control light and other forms of energy. META is an award winning Global Cleantech 100 company with products that support sustainability by doing more with less; they encompass lightweight, sustainable raw materials and processes which consume less energy and offer more performance. META has a growing patent portfolio and is currently developing new materials with diverse applications in concert with companies in the automotive, aerospace, energy, consumer electronics and medical industries. META is headquartered in Halifax, Nova Scotia and has R&D and Sales offices in London, UK and Silicon Valley. For additional information on META, please visit www.metamaterial.com
Media inquiries:
media@metamaterial.com
Investor inquiries:
Mark Komonoski
phone: 1-877-255-8483
mark@metamaterial.com
The CSE has neither approved nor disapproved the contents of this news release.
SOURCE: Metamaterial Inc.
View source version on accesswire.com:
https://www.accesswire.com/633378/Metamaterial-Announces-Conversion-of-54-Million-in-Senior-Secured-Debt
