on Avant Brands Inc. (isin : CA05353D1033)
Avant Brands Announces $3.9 Million Private Placement of Unsecured Convertible Debenture Units
Avant Brands Inc. has announced a non-brokered private placement of unsecured convertible debenture units at $1,000 per unit, targeting gross proceeds of $3.9 million. Each unit includes senior unsecured convertible debentures and 10,000 common share purchase warrants.
Convertible debentures can be converted to common shares at $0.10 per share, and warrants allow the purchase of one common share at the same price for 48 months from the closing date. The debentures bear a 10% annual interest, payable quarterly.
Expected to close on July 19, 2024, the sole institutional investor will be limited to a 9.99% ownership cap post-conversion/exercise. Proceeds will repay existing debt, pending final Toronto Stock Exchange approval.
R. P.
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