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exactEarth to redeem convertible debentures due December 2023
By Taylor Fox
New York, Jan. 8 – exactEarth Ltd. plans to fully redeem its C$13 million outstanding convertible unsecured subordinated debentures due Dec. 13, 2023, according to a news release.
The convertibles will be redeemed at par plus interest.
The company expects that holders of debentures will convert their debentures in accordance with their terms rather than have them redeemed.
Debenture holders have the right, by giving notice to the company by no later than 5 p.m. ET on Feb. 8, 2021, to elect to convert their debentures into common shares in the capital of the company in accordance with the terms of the debentures.
Upon conversion, each C$1,000 principal amount of debentures is convertible into 2,000 common shares.
Assuming all of the debentures are converted, 26 million common shares will be issued in satisfaction of such conversion. Holders are also entitled to accrued and unpaid interest up to the date of conversion.
Upon conversion by the holder, the company has the option to elect to satisfy accrued and unpaid interest on the debentures in cash or by the issue of common shares at the then current market price on the date upon which holders provide a notice of conversion to the company.
The accrued and unpaid interest on the debentures is C$1,628,384.
All non-converted debentures will then be redeemed on Feb. 9.
The company will deliver 12,441,386 common shares in satisfaction of the redemption price along with C$1,725,260 in cash to satisfy all accrued and unpaid interest up to, but excluding, the redemption date. The current market price of a common share on the redemption notice date is C$1.0449.
exactEarth is a leading provider of satellite-AIS data services based in Ontario.
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