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TORONTO, ONTARIO--(Marketwired - June 10, 2016) - Xylitol Canada Inc. ("Xylitol Canada", or the "Company") (TSX VENTURE:XYL) is pleased to announce that it has issued convertible debentures (the "Debentures"), on a private placement basis, for aggregate gross proceeds of $410,000, representing a third tranche of the previously announced offering of Debentures for aggregate gross proceeds of up to $3 million (the "Offering"), as announced on February 8, 2016, and March 15, 2016. The Debentures are convertible into common shares of the Company at a price of $0.10 per share, have a maturity date that is three years from the date of issuance, and accrue interest at a rate of 10% per annum. The Company also issued an aggregate of 820,000 share purchase warrants (the "Warrants") to Debenture subscribers, each Warrant entitling the holder thereof to acquire one common share of the Company at an exercise price $0.15 per share, for a period of three years from date of issuance. |
