Urbanimmersive forces conversion of 10% convertibles

By Taylor Fox

New York, March 9 – Urbanimmersive Inc. gave notice that it will force the conversion of the remaining principal amount of its 10% convertible debentures and interest, according to a news release.

The terms and conditions of the convertible debentures enable the company to force their conversion to common shares as long as the market performance of the company's stock price meets specific metrics, which were met on March 8.

By including the committed debenture conversions announced Feb. 25, with some of the major debenture holders, totaling $2.3 million, an aggregate principal amount of $3.1 million will be converted at a conversion price of $0.125, resulting in the issuance of 24.6 million common shares.

This conversion, in addition to the $1.5 million debenture conversion in November 2020, equals a total principal amount of $4.5 million converted into common shares and represents an interest saving of $450,000 per year. These debenture conversions are expected to be completed by the end of this month.

Urbanimmersive is a Montreal-based content marketing platform for real estate professionals.

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