GreenPower exchanged US$1.2 million of related-party term loans for 1,200 Series B Convertible Preferred Shares, increasing shareholder equity and diluting ownership upon conversion.
Key takeaways
Company exchanged US$1,200,000 in related-party term loans for 1,200 Series B Convertible Preferred Shares, increasing shareholder equity.
Series B Convertible Preferred Shares carry a 9% annual dividend rate and are convertible into common shares at US$1.975 per share.
Fraser Atkinson, an insider, acquired 1,200 Series B Convertible Preferred Shares through related entities FWP Holdings LLC and 0851433 B.C. Ltd.
Transaction constitutes a related party transaction under MI 61-101 but is exempt from formal valuation and minority approval requirements.
All securities issued are subject to a statutory hold period of four months plus a day from closing.