Emergia Inc. Announces Conversion of Convertible Debentures
MONTREAL, Feb. 09, 2023 (GLOBE NEWSWIRE) -- (CSE: EMER) Emergia Inc. (the “Corporation or “Emergia”) is pleased to announce that one of its Convertible Debentures holder has converted its debentures, initially issued on October 29, 2021 (the “Debentures”), in units (the “Units”) for a total amount of $425,000, at a price of $0.85 per Unit, for a total of 500,000 Units being issued.
The Debentures were bearing interest at the rate of 8% per year, accruing in arrears, payable semi-annually in cash or in Class A Common Shares (the “Shares”) of the Corporation. The Debentures were convertible at the holder’s option into Unit) of the Corporation at a conversion price of $0.85. Each Unit is composed of one Share in the capital of the Corporation and two (2) warrants of the Corporation: (i) a warrant of the Corporation entitling the holder thereof to purchase one Share at a price of $1.25 per Share until October 31, 2023; and (ii) a warrant of the Corporation entitling the holder thereof to purchase one Share at a price of $1.50 per Share until October 31, 2024.
In addition, the Corporation executed an agreement where it converted a debt in the amount of $296,000 into Shares issued at $0.70 per Share representing 424,000 Shares.
“The fact that investors chose to be paid in Emergia Shares, driven by the discount on the stock price in the market compared to its net asset value, which was at $1.68 in the Corporation’s Q3-2022 financial statements, show, again, the trust in Emergia’s business model” said Henri Petit, President and CEO of Emergia. “The real estate markets in Quebec and Ontario, showing needs of multifamily units in both provinces, are favorable to the Corporation’s projects in Bromont (QC) and Alliston (ON). Announcements are expected to be made in the coming months on our development projects”, added Henri Petit.
ABOUT EMERGIA INC.
EMERGIA operates mainly in Canada in the development, acquisition, and management of multi-purpose real estate, including retail, multifamily, industrial, and office buildings as well as land for future development. The Corporation’s investment platform is based on an integrated, agile and efficient develop-to-own strategy that enables EMERGIA to benefit from development profits and the value-add while securing stable long-term returns.
For more information, please visit www.emergia.com and www.sedar.com. EMER.CN
Source: Emergia Inc.
For more Information, please contact: Henri Petit CEO T: 1.888.520.1414 (Ext. 231) E: firstname.lastname@example.org