Cleanfield pushes back expiry date on CAD 1.48m secured debentures
Aug 20, 2012 - Canadian vertical axis wind turbine maker Cleanfield Alternative Energy Inc (CVE:AIR) said Friday it had amended the terms of its CAD-1.48-million (USD 1.5m/EUR 1.2m) debenture issue extending its expiry date to July 31, 2013.
Under the original trust indenture dated July 31, 2008 and the August 24, 2010 amendment, the CAD-1.48-million of 22% senior secured convertible redeemable debentures, Series B, were to expire on July 31, 2012 and August 15, 2012.
The conversion price for the Series B debentures was changed to CAD 0.10 from CAD 0.40 until July 31, 2013. The exercise price of the warrants which will be issued following the conversion of the Series B debentures has also been amended to CAD 0.10 from CAD 0.30.
The amendments have been approved by the TSX Venture Exchange and by some 70% of all registered holders of the Series B debentures.
Following the stock exchange approval, the company issued 428,356 common shares at a price of CAD 0.20 per share to pay the interest owing as of July 31, 2012 relating to the Series B debentures.