Braingrid Announces Partial Conversion of Debentures
Toronto, Ontario--(Newsfile Corp. - August 8, 2019) - Braingrid Limited (CSE: BGRD) ("Braingrid" or the "Company"), a global provider of cultivation analytics using its affordable, scalable and easy-to-deploy sensor platforms for precision agriculture, is pleased to announce that further to its press release dated June 18, 2019, European High Growth Opportunities Securitization Fund (the "Fund"), advised by Alpha Blue Ocean Inc., has converted $160,000 of its $850,000 aggregate principal amount of senior unsecured convertible debentures (the "Debentures") into 2,000,000 common shares of the Company (each a "Share") at an effective price of $0.08 per Share. The shares are subject to a hold period ending on October 15, 2019, being the date that is four months and one day following the date of issuance of the debentures.
Pursuant to the agreement between the Fund and the Company, executed June 11, 2019, Braingrid has a make whole obligation to the Fund of $84,200, payable either in shares or cash at the Company's discretion, if cash the obligation would be netted against future debenture issuances.
|Chief Financial Officer|
Braingrid is a global technology company committed to the best interests of the precision agriculture industry for the long term. We provide valuable grow analytics by capturing real-time data using our technology platform to increase revenues, reduce costs, risks and improve yield - making it easier for the grower to operate efficiently and effectively. The Company is listed on the CSE under the symbol BGRD.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
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