Environmental Waste International Announces Conversion of Convertible Debenture, Improved Balance Sheet
Toronto, Ontario--(Newsfile Corp. - September 11, 2020) - Environmental Waste International Inc. (TSXV: EWS) (the "Company") is pleased to announce that EWI Investors LLC (the "Debenture Holder") has elected to convert the $1,850,000 principal amount and $268,520 accrued interest owing pursuant to an unsecured convertible note dated April 28, 2017, as amended September 12, 2019 (the "Convertible Note"). The principal amount of the Convertible Note is convertible at a price of $0.08 per share per the terms of the Convertible Note and the accrued interest is convertible at a price of $0.135 per share per TSXV regulations, resulting in the issuance of an aggregate of 25,114,037,000 common shares.
This is the latest in a series of transactions to improve the EWS balance sheet so that the Company will be better able to take advantage of demand for the Company's technology, including recently announced developments.
Robert Savage, a Director of the Company, is the Managing Member of the Debenture Holder and thus the transaction constitutes a "related party transaction" as defined by Protection of Minority Security Holders in Special Transactions ("MI 61-101") under applicable securities laws. The Company is relying on available exemptions from MI 61-101 as neither the fair market value of the Convertible Note nor the fair market value of the consideration for the transaction exceeds 25% of the Corporation's market capitalization at the time the transaction was agreed to. The transaction was approved by directors of the Company who are independent of the related party. The common shares issued are subject to a statutory hold period ending January 12, 2021.
The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Environmental Waste International Inc.
Environmental Waste International, Inc. specializes in eco-friendly systems for the breakdown of organic materials, including tires. EWS has spent over 15 years engineering systems that integrate the EWS patented Reverse Polymerization™ process and proprietary microwave delivery system. EWS's unique microwave technology safely processes and recycles waste tires, while recovering highly valuable commodities, including carbon black, oil and steel. Each unit is designed to be environmentally safe, energy efficient, and economically profitable for the operator. For more information please visit, www.ewi.ca.
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63657