TORONTO--(BUSINESS WIRE)--Organic Garage Ltd. (“Organic Garage” or the “Company”) (TSX-V:OG). In accordance with the terms and conditions of the convertible debenture issued on October 25, 2019 (the “Debentures”) the Company has agreed, subject to the approval of the TSX Venture Exchange (the “TSX-V”), to issue 678,572 common shares (the “Shares”) as settlement of payments of interest equal to $71,250.00 accrued between February 1, 2020 to April 30, 2020.
In a news release dated October 25, 2019, the Company had announced the completion of a private placement offering of the Debentures and the terms of such offering. Such terms include the requirement to pay accrued interest on and during the term of the Debentures to their holders within 30 days of each fiscal quarter by way of issuance of common shares at a conversion price equal to the Market Price (as defined in the polices of the TSX-V at the time of conversion, subject to TSX-V approval. The Shares will be issued at $0.105 per Share and will be subject to a statutory four-month hold period beginning as of the date of issuance of the Shares. The transaction is subject to the approval of the TSX-V.
About Organic Garage Ltd.
Organic Garage (TSX-V: OG) is one of Canada’s leading independent organic grocers committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The company’s stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto and operates a highly efficient supply chain through its centralized distribution centre. The company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.