Yahoo Finance Digimax Announces Conversion of $508,750 of Its $1,034,000 Convertible Debentures
TORONTO, ON / ACCESSWIRE / November 16, 2020 / DigiCrypts Blockchain Solutions Inc. o/a DIGIMAX GLOBAL SOLUTIONS (the "Company" or "DigiMax") (CSE:DIGI) is pleased to announce that it has accepted conversion notices from its convertible debenture holders to convert 49.2% of its outstanding convertible debentures (the "Debenture"). The Debenture requires cash payments of 10% per annum, payable quarterly. These conversions will reduce the current interest costs by 49.2% as well.
As per the terms of the Debenture, the Debenture is converted at the lowest price that DigiMax had issued equity, or $0.05 per share. The Debenture also requires the Company to issue a warrant for ½ of the shares being issued at the same price for a term of 2 years from the date of the conversion.
Accordingly, DigiMax has issued 10,175,000 shares and a warrant to acquire 5,087,500 shares at $0.05.
After the conversion, the Company reports that it has 155,490,909 shares outstanding; warrants with a strike price of $0.05 totaling 36,245,750 expiring between September 9 and November 14, 2022; and, options for 10,850,000 shares expiring between December 15, 2020 and September 30, 2022 with strike prices ranging at $0.05 (23%), $0.06 (58%) and $0.10 (19%).
About DigiMax
DigiMax is based in Toronto and is the first company in the Digital Security space to be both publicly listed (listed on the Canadian Securities Exchange-symbol: DIGI) and own a registered Dealer. Canada, DigiMax Capital Corp is an 'Exempt Market Dealer registered in Ontario.
The Company has a highly qualified management team with extensive experience in global financial and capital markets, combined with a rapidly expanding global presence through collaborative partnerships in the USA, Hong Kong, Indonesia, Malaysia, England, Singapore, Korea and Malta.
Contacts DigiMax:
Chris Carl | Edward Murphy |
President & CEO | Chairman |
416-312-9698 | 416-720-0456 |
Cautionary Note Regarding Forward-looking Statements
NEITHER THE CANADIAN SECURITIES EXCHANGE, NOR THEIR REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: anticipate, intend, plan, goal, seek, believe, project, estimate, expect, strategy, future, likely, may, should, will and similar references to future periods. Examples of forward-looking statements in this press release include, among others, statements we make regarding a second closing.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: shareholders approving the change of name to DigiMax, the adequacy of our cash flow and earnings, the availability of future financing and/or credit, and other conditions which may affect our ability to expand the App Platform described herein, the level of demand and financial performance of the cryptocurrency industry, developments and changes in laws and regulations, including increased regulation of the cryptocurrency industry through legislative action and revised rules and standards applied by the Canadian Securities Administrators, Ontario Securities Commission, and/or other similar regulatory bodies in other jurisdictions, disruptions to our technology network including computer systems, software and cloud data, or other disruptions of our operating systems, structures or equipment, as well as those risk factors discussed or referred to in disclosure documents filed by the Company with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
SOURCE: DigiMax Global Solutions
View source version on accesswire.com:
https://www.accesswire.com/616796/Digimax-Announces-Conversion-of-508750-of-Its-1034000-Convertible-Debentures
