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Braingrid debentures converted into stock by European High Growth Opportunities Securitization Fund

A total of $100,000 in principal was converted into more than 1.2 million company shares at a price of $0.08

Debentures in the dictionary
Under the terms of the C$5.1 million financing deal between Braingrid and the Fund on July 11, the company has a cumulative make-whole obligation of $572,600

Braingrid Limited (CSE:BGRD) (OTCMKTS:BGRDF) announced Tuesday that the European High Growth Opportunities Securitization Fund has converted C$100,000 of a remaining C$210,000 in senior unsecured debentures into more than 1.2 million company shares at C$0.08 apiece.

Under the terms of the C$5.1 million financing deal between Braingrid and the Fund on July 11, the company has a cumulative make-whole obligation of C$668,225, which is payable by cash or stock.

READ: European High Growth Opportunities Securitization Fund converts Braingrid debentures

Braingrid also announced that it had taken steps to minimize cash burn by providing working notice to a number of employees. The company is seeking out additional sources of capital and considering strategic alternatives. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Braingrid Ltd.

Price: 0.005 CAD

CSE:BGRD
Market: CSE
Market Cap: $249.59 k
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Braingrid Corporation secures 5.1 million dollars in financing over 3 years

Braingrid Corporation (CSE:BGRD) CEO Michael Kadonoff joined Steve Darling from Proactive Investors in Toronto to talk about their agreement with the European High Growth Opportunities Securitization Fund for 5.1 million dollars. Kadonoff told Proactive how the financing will work and...

on 12/6/19

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