CapGain Properties Inc. Announces Conversion of Debentures and First Close of Equity Private Placement
Calgary, Alberta--(Newsfile Corp. - March 29, 2019) - CapGain Properties Inc. (TSXV: CPP) ("CapGain" or the "Company") is pleased to report that it has completed additional restructuring transactions.
On February 19, 2019 and February 20, 2019, the Corporation received variations on cease trade orders from the Alberta Securities Commission and the British Columbia Securities Commission, respectively, to allow for conversion of the Company's outstanding convertible debentures (the "Debentures") into up to 37,500,000 common shares of the Company and a private placement of up to Cdn$220,000 for up to 80,000,000 common shares of the Company.
On March 27, 2019, the Company complete an initial close and converted $395,600 of outstanding Debentures (out of a total $483,600) plus accrued and unpaid interest into 30,647,840 common shares of the Company. The common shares were issued to debenture holders on a pro-rata basis based on the face value of the Debentures. Concurrently, the Company completed an initial close of $57,680 in a private placement and issued 20,974,546 common shares.
About CapGain Properties Inc.
CapGain is an investment company with a focus on the acquisition of income producing businesses.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Arthur Kwan, Chief Executive Officer
CapGain Properties Inc.
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