- Eguana Technologies (EGT) announces the conversion of C$2.5 million in debentures and 1,150 Class F limited partnership units into common shares
- Eguana will convert all of the remaining debentures into common shares of the company on March 22, 2021
- The company will acquire all 1,150 Class F limited partnership units in EGT Markets Limited Partnership, a subsidiary of the company, in exchange for 7,665,900 common shares of the company
- Eguana Technologies designs and manufactures high performance residential and commercial energy storage systems
- Eguana Technologies (EGT) is up 8 per cent and is currently trading at C$0.54 per share
Eguana Technologies (EGT) announces the conversion of C$2.5 million in debentures and 1,150 Class F limited partnership units into common shares.
Eguana Technologies will exercise its right, pertaining to the company’s 10.0% unsecured convertible debentures tied to the completion of private placements on June 21, 2019 and August 8, 2019, to convert all of the remaining debentures into common shares of the company on March 22, 2021.
Eguana may force the conversion of the debentures at a conversion price of C$0.15 per common share when the volume-weighted average trading price of the common shares listed on the TSXV exceeds C$0.30 for 20 consecutive trading days.
As of close of markets February 18, 2021, the VWAP of the common shares listed on the TSXV exceeded C$0.30 for a period of 20 consecutive trading days.
As a result of the conversion, the estimated remaining total of approximately C$1.943 million of debentures outstanding will be converted into approximately 12,953,339 common shares.
Eguana will pay accrued interest in cash or through the issuance of common shares to the applicable holders of the debentures.
Holders of the debentures can voluntarily convert them prior to the conversion date. Currently, holders of C$2.284 million worth of debentures have voluntarily converted their debentures into common shares.
According to Eguana CEO, Justin Holland,
“Removing the liability associated with the convertible debentures is the first step towards strengthening our balance sheet and working capital position, and we anticipate having all debentures converted by early April.”
In addition, Eguana announces that it has exercised its previously announced right to acquire all 1,150 Class F limited partnership units in EGT Markets Limited Partnership, a subsidiary of the company, in exchange for 7,665,900 common shares of Eguana.
Based in Calgary, Alberta, Eguana Technologies designs and manufactures high-performance residential and commercial energy storage systems.
Eguana Technologies (EGT) is up 8 per cent and is currently trading at C$0.54 per share as of 12:36 pm EST.
