Braingrid Announces Partial Conversion of Debentures and Staff Changes
Toronto, Ontario--(Newsfile Corp. - September 16, 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, announced today that further to its press releases dated June 18, 2019, August 8, 2019, August 22, 2019, August 30, 2019 and September 11, 2019, European High Growth Opportunities Securitization Fund (the "Fund"), advised by Alpha Blue Ocean Inc. ("ABO"), has converted $100,000 of its $210,000 remaining principal amount of senior unsecured convertible debentures into 1,250,000 common shares of the Company (each a "Share") at an effective price of $0.08 per Share.
Pursuant to the agreement between the Fund and the Company, executed June 11, 2019, Braingrid has a cumulative make whole obligation to the Fund of $668,225, payable either in shares or cash at the Company's discretion, if cash the obligation would be netted against future debenture issuances.
The Company also announced today that it has provided working notice to a certain number of employees to minimize its cash burn while it seeks funding and considers strategic alternatives. The Company appreciates and thanks the employees who are no longer with the firm and wishes them the best in their future endeavors.
The Company is seeking additional sources of capital and is considering strategic alternatives however, without additional funding or the consummation of a business combination there is no guarantee that Braingrid can remain a going concern.
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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