Gunpowder Capital Corp., Makes First Investment Into Drone Sector
Toronto, Ontario--(Newsfile Corp. - August 14, 2018) - Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (OTCQB: GNPWF) (FSE: YS6N) ("Gunpowder" or the "Corporation"
announced today that via a private transaction the Corporation has acquired Five Hundred Thousand ("500,000" Common Shares of Astro Aerospace Ltd., (OTCQB: ASDN), ("Astro".
The Corporation purchased ownership of the Astro Common Shares directly from the seller by issuing a Convertible Debenture to the seller. The Corporation paid the seller $1.50 CDN per Astro Common Share setting the face value of the Debenture at Seven Hundred Fifty Thousand Dollars ("$750,000.00" CDN. The Debenture pays interest on the outstanding principal amount of $750,000.00 CDN at the rate of Ten Percent ("10%" per annum. The interest is payable quarterly, in Common Shares of Gunpowder Capital Corp. The Debenture's maturity date has been set as August 7, 2020, and on that date, the Debenture will automatically convert into 15,000,000 Common Shares of Gunpowder Capital Corp.
The seller of the Astro Common Shares is not an arm's length party, nor are they an insider to the Corporation. As of the date of this press release this transaction will not result in a change of the control as the holder of the debenture holds no voting rights until the debenture is fully converted into Gunpowder Capital Corp., Common Shares.
As of the date of this press release the quoted market value of the Astro Shares was approximately Nine Hundred and Seventy-Five Thousand Dollars ("$975,000.00" USD as the quoted market price was $1.96 USD per Common Share on the OTCQB.
Paul Haber, Chief Financial Officer, stated: "Drones have emerged beyond their military origins. We are very impressed by how Astro is taking this technology and working to create a vehicle for the modern age. The AA360 being developed by Astro has the ability to provide an eco-friendly commute and help ease traffic congestion significantly."
About Gunpowder Capital Corp.
Gunpowder Capital Corp., is a merchant bank and advisory services firm based in Toronto, Ontario, Canada. Gunpowder invests in both publicly traded and private businesses that have successful management teams and attractive economic models. Gunpowder partners with these businesses to support their growth initiatives with its proven methodology of appropriate financing and structured exits. Gunpowder offers debt financing, including mezzanine and bridge loans, equity financing and advisory services. Gunpowder is also building a portfolio of companies in which it takes a long term position and view. For more information please visit www.gunpowdercapitalcorp.com
For further information please contact:
Toronto, Ontario--(Newsfile Corp. - August 14, 2018) - Gunpowder Capital Corp. (CSE: GPC) (CSE: GPC.PR.A) (OTCQB: GNPWF) (FSE: YS6N) ("Gunpowder" or the "Corporation"
announced today that via a private transaction the Corporation has acquired Five Hundred Thousand ("500,000" Common Shares of Astro Aerospace Ltd., (OTCQB: ASDN), ("Astro". The Corporation purchased ownership of the Astro Common Shares directly from the seller by issuing a Convertible Debenture to the seller. The Corporation paid the seller $1.50 CDN per Astro Common Share setting the face value of the Debenture at Seven Hundred Fifty Thousand Dollars ("$750,000.00"
CDN. The Debenture pays interest on the outstanding principal amount of $750,000.00 CDN at the rate of Ten Percent ("10%" per annum. The interest is payable quarterly, in Common Shares of Gunpowder Capital Corp. The Debenture's maturity date has been set as August 7, 2020, and on that date, the Debenture will automatically convert into 15,000,000 Common Shares of Gunpowder Capital Corp. The seller of the Astro Common Shares is not an arm's length party, nor are they an insider to the Corporation. As of the date of this press release this transaction will not result in a change of the control as the holder of the debenture holds no voting rights until the debenture is fully converted into Gunpowder Capital Corp., Common Shares.
As of the date of this press release the quoted market value of the Astro Shares was approximately Nine Hundred and Seventy-Five Thousand Dollars ("$975,000.00"
USD as the quoted market price was $1.96 USD per Common Share on the OTCQB. Paul Haber, Chief Financial Officer, stated: "Drones have emerged beyond their military origins. We are very impressed by how Astro is taking this technology and working to create a vehicle for the modern age. The AA360 being developed by Astro has the ability to provide an eco-friendly commute and help ease traffic congestion significantly."
About Gunpowder Capital Corp.
Gunpowder Capital Corp., is a merchant bank and advisory services firm based in Toronto, Ontario, Canada. Gunpowder invests in both publicly traded and private businesses that have successful management teams and attractive economic models. Gunpowder partners with these businesses to support their growth initiatives with its proven methodology of appropriate financing and structured exits. Gunpowder offers debt financing, including mezzanine and bridge loans, equity financing and advisory services. Gunpowder is also building a portfolio of companies in which it takes a long term position and view. For more information please visit www.gunpowdercapitalcorp.com
For further information please contact:
