MONTRÉAL, April 15, 2024 /CNW/ - Geekco Technologies Corporation (the "Corporation" or "Geekco") (TSXV: GKO) has announced that in accordance with the terms and conditions of the convertible debenture units issued on April 14, 2021 (the "Debentures Units 2021"), Geekco has agreed, subject to the approval of the TSX Venture Exchange (the "TSXV"), to issue 384,614 class A shares (the "CommonShares") as settlement of payments of interest at a rate of 10% per year on an aggregate principal amount of $250,000 of the second tranche Debentures Units 2021 announced on April 14, 2021 and equal to $25,000 accrued between April 14, 2023 to April 13, 2024 (the "Interest Period"). The Common Shares will be issued at the deemed price of $0.065 per Common Share, which is equal to last closing price since it was higher than the volume weighted trading price of the Common Shares on the TSXV for the last 20 days prior to the applicable payment date. They will also be subject to a statutory four-month hold period beginning as of the date of issuance of the Common Shares.
Read more at newswire.caCONVERSION OF DEBENTURE INTERESTS INTO EQUITY
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