VANCOUVER, April 28, 2017 /CNW/ - Grande West Transportation Group Inc. (TSXV: BUS; OTC PINK: GWTNF) – April 28, 2017: ("Grande West" or the "Company") announces that in accordance with the terms of the Series A and B convertible debentures (the "Debentures") as issued and announced on April 28, 2016, it has provided a 30 day notice to the holders of $1,200,000 Series A Debentures bearing a maturity date of April 26, 2021, as well as a 30 day notice to the holders of $320,000 Series B Debentures bearing a maturity date of April 26, 2018.
The Debentures, if converted will result in the issuance of up to 2,235,294 common shares in the Company at an issue price of $0.68 per share. In accordance with the terms, Series A and B Debenture holders wishing to not convert within the 30 day notice period, shall have a premium applied to the maturity amount of the Debentures, payable in cash, as to 10% in the first year of the term.
About Grande West Transportation Group
Grande West Transportation Group is a Canadian bus manufacturer which designs, engineers and manufactures mid-size buses for transit authorities and commercial enterprises. Grande West's Best-in-Class Vicinity bus is available in 27.5, 30 and 35 foot models powered by clean diesel or CNG designed with affordability, accessibility and global responsibility in mind. It costs significantly less than a regular 40 foot transit bus, burns less fuel and emits less harmful emissions.
The Company has been successful in supplying Canadian municipal transportation agencies and private operators with new buses and is receiving follow-on orders in many Canadian transit agencies. Grande West is Buy America compliant and along with ABG, its exclusive US distributor, is actively pursuing opportunities to sell Vicinity into public and private transit fleet operations.
For further information please contact:
Grande West Transportation
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SOURCE Grande West Transportation Group Inc.
For further information: Grande West Transportation, John LaGourgue, Ph: 1-604-607-4000, firstname.lastname@example.org, www.grandewest.com