PHBI Pharmagreen Removes Convertible Debt From
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Posted On: 03/23/2021 8:56:15 AM
PHBI
Pharmagreen Removes Convertible Debt From Its Balance Sheet
Press Release | 03/23/2021
CARSON CITY, NV, March 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that it has signed a settlement agreement with one of the convertible note lenders to cease and desist any future conversions and considers this matter closed going forward. The settlement agreement was submitted to the SDNY courts for immediate dismissal of the proceeding and was so ordered. The company filed an 8-K on March 22, 2021.
Additionally the company is happy to report, except for two, the other convertible note lenders have converted their positions in full and also have no more conversions to be made and therefore removed the derivative debt of over $600,000 in convertible debts from the Company's balance sheet. The remainder two notes the company will pay back as loans.
The company can now focus on the funding required for its projects and increasing shareholder value. “The end of conversions including some cash repayments of these notes are a significant achievement for the Company, and we are thankful that one of our remaining lenders agreed that a settlement agreement would benefit the Company and its growth initiatives. The completion of most of the debt repayment and end of conversions improves our balance sheet and was one of the critical next steps in our strategic plan as we continue working towards completing our funding requirements. We have already received increased inquiries by larger mid-tier firms that understand the value of the repayments of the existing convertible debt into a long-term structure, and we are optimistic for support of Pharmagreen’s growth initiatives in the hemp industry and beyond," states CEO Peter Wojcik.
Pharmagreen Removes Convertible Debt From Its Balance Sheet
Press Release | 03/23/2021
CARSON CITY, NV, March 23, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), is pleased to announce that it has signed a settlement agreement with one of the convertible note lenders to cease and desist any future conversions and considers this matter closed going forward. The settlement agreement was submitted to the SDNY courts for immediate dismissal of the proceeding and was so ordered. The company filed an 8-K on March 22, 2021.
Additionally the company is happy to report, except for two, the other convertible note lenders have converted their positions in full and also have no more conversions to be made and therefore removed the derivative debt of over $600,000 in convertible debts from the Company's balance sheet. The remainder two notes the company will pay back as loans.
The company can now focus on the funding required for its projects and increasing shareholder value. “The end of conversions including some cash repayments of these notes are a significant achievement for the Company, and we are thankful that one of our remaining lenders agreed that a settlement agreement would benefit the Company and its growth initiatives. The completion of most of the debt repayment and end of conversions improves our balance sheet and was one of the critical next steps in our strategic plan as we continue working towards completing our funding requirements. We have already received increased inquiries by larger mid-tier firms that understand the value of the repayments of the existing convertible debt into a long-term structure, and we are optimistic for support of Pharmagreen’s growth initiatives in the hemp industry and beyond," states CEO Peter Wojcik.
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