Isodiol International Inc. Announces Debt Restructuring
April 1, 2020 – Vancouver, BC – Isodiol International Inc. (CSE: ISOL) (OTCQB: ISOLF) (FSE: LB6B.F) (the “Company” or “Isodiol”), is pleased to announce that it has reached an agreement with the holders of its outstanding $6,000,000 CAD aggregate principal amount of 8.00% secured convertible debentures (the “Holders”) that mature on November 29, 2020 (the “Debentures”) whereby:
• The outstanding aggregate principal amount of the Debentures will be reduced, on a pro rata basis, by $1,000,000 from $6,000,000 to $5,000,000
• The maturity date of the Debentures will be extended to November 29, 2021 (the “Maturity Date”)
• The interest rate on the Debentures will be reduced from 8.00% to 4.00%
• The accrued interest on the Debentures to date, aggregating $240,000, will be satisfied through the issuance of common shares in the capital of the Company (the “Shares”) at a deemed price equal to the volume weighted average price on the date of issuance.
• Future interest on the Debentures may, at the option of the Company, be settled in Shares at a deemed per Share price equal to the volume weighted average trading price of the Shares on the Canadian Securities Exchange for the five days prior to the interest payment date.
• Future repayment of principal amount indebtedness may, at the option of the Holders, be settled in Shares at a deemed per Share price equal to the volume weighted average trading price of the Shares on the Canadian Securities Exchange for the five days prior to the Maturity Date.
• The conversion price of the Debentures will be changed from fixed price of $2.15 per Share to the volume weighted average trading price of the Shares for the five days prior to the maturity date.
Mr. Agramont states,
“As we move forward through these ever-changing times, this debt restructuring will afford us the time and cash flow to continue making the necessary people, process and technology investments to ensure we remain as efficient as possible for the long term, while continuing to explore and invest in future growth opportunities of the company, as we continue to pivot in this emerging industry”
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About Isodiol International Inc.
Isodiol International Inc. is focused on the nutritional health benefits that are derived from hemp and is a product development, sales, marketing and distribution company of hemp-based Consumer Packaged Goods (CPG) and solutions. Isodiol has commercialized a 99%+ pure, naturally isolated CBD, including micro-encapsulations, and nano-technology for quality consumable and topical skin care products. Isodiol’s growth strategy includes the development of over-the-counter and pharmaceutical drugs and continued international expansion into Latin America, Asia, and Europe.
ON BEHALF OF THE BOARD
Marcos Agramont, CEO & Director
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable securities laws relating to statements regarding the Company’s business, its ability to repay the Debentures, and the future of the Company’s business. !lthough the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company’s products and plan will vary from those stated in this news release, that the Company may not be able to repay the Debentures in whole or in part, and that the Company may not otherwise be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend, to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.