Charbone Hydrogen Corporation Amends Terms of Convertible Debentures with Finexcorp-Led Group
Brossard, Quebec – June 10, 2024 – Charbone Hydrogen Corporation announced today that it has reached an agreement to amend certain terms of its secured convertible debentures with a Finexcorp-led group. The amendment includes changes to the maturity date, convertible balance, interest rate, and conversion price of the debentures.
Prior to the amendment, the debentures were convertible into common shares of CHARBONE at a price of $0.40 CAD per share. Under the new terms, the maturity date has been extended, the convertible balance has been increased, the interest rate has been decreased, and the conversion price has been reduced to $0.10 CAD per share. Additionally, new warrants have been issued at the same price, exercisable for a period of 12 months.
The amendment is subject to approval from the TSX Venture Exchange and the completion of a multi-million-dollar financing. Charbone’s Chief Financial Officer, Benoit Veilleux, expressed optimism about the changes, stating that they provide the company with financial flexibility to advance its green hydrogen production facilities in the US and Canada.
In other corporate updates, Charbone announced partnerships with Investment Publishing LLC and Common Cents Media, as well as the settlement of debts through the issuance of shares and warrants. The company has also engaged Independent Trading Group to provide market making services.
Charbone Hydrogen Corporation is focused on delivering green hydrogen production facilities across North America and is the only publicly traded pure-play green hydrogen company. For more information, visit the company’s website.
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