Local News
Next Hydrogen Announces Debt Settlement and Debenture Conversion Agreements
Next Hydrogen has announced debt exchange agreements to settle CAD$560,527.37 of indebtedness. The company also has debenture conversion agreements to settle CAD$1,125,000 in debentures.
Next Hydrogen previously announced debt exchange agreements with company directors and officers to settle CAD$560,527.37 of debt. This settlement covers principal loan amounts, accrued interest, and loan setup fees, and will result in the issuance of 1,245,610 common shares at $0.45 each. Debenture conversion agreements with certain debenture holders will settle CAD$1,125,000 in debentures by issuing 2,499,998 common shares at $0.45 each. After these conversions, CAD$1,600,000 of these debentures will remain outstanding. No new control person was created through these transactions. The company is finalizing settlement documentation with the TSX Venture Exchange (TSXV).
Key Facts
- Next Hydrogen will settle CAD$560,527.37 of debt with company directors and officers.
- The debt settlement involves issuing 1,245,610 common shares at $0.45 each.
- Debenture conversion agreements will settle CAD$1,125,000 in debentures.
- The debenture settlement includes issuing 2,499,998 common shares at $0.45 each.
- CAD$1,600,000 of these debentures will remain outstanding after the conversion.
- No new control person was created as a result of these transactions.
- Settlement documentation with the TSXV is being completed.
- All securities issued are subject to a four-month hold period plus one day.
Primary Source
Research Sources
- Financial Post — Next Hydrogen Update on Private Placement