QUEBEC CITY, QC, June 19, 2015 /CNW Telbec/ - CO2 Solutions Inc. ("CO2 Solutions" or the "Corporation") announces that it has exercised its right to convert the Corporation's 10% convertible subordinated debentures due June 30, 2016 (the "Debentures") into common shares of the Corporation (the "Common Shares"). Under the terms of the Debentures, the Corporation is entitled to convert the Debentures as the volume-weighted average trading price of the Common Shares exceeded 200% of the exercise price of $0.12 of the Debentures during a period of 20 consecutive trading days. The holders of Debentures will therefore receive an aggregate of 9,883,328 Common Shares at a deemed issuance price of $0.12 per Common Share and the Debentures will be cancelled.
Concurrently with the conversion of the Debentures, the Corporation has issued 413,764 Common Shares at a deemed price per share of $0.278 in payment of $115,026 in interest owing on the Debentures as of June 19, 2015. Under the terms of the Debentures, the Corporation had the option to pay interest on the Debentures in cash or Common Shares. All Common Shares issued in payment of interest will be subject to a four (4) month statutory hold period until October 20, 2015.
About CO2 Solutions Inc.
CO2 Solutions is an innovator in the field of enzyme-enabled carbon capture and has been actively working to develop and commercialize the technology for stationary sources of carbon pollution. CO2 Solutions' technology lowers the cost barrier to Carbon Capture, Sequestration and Utilization (CCSU), positioning it as a viable CO2 mitigation tool, as well as enabling industry to derive profitable new products from these emissions. CO2 Solutions has built an extensive patent portfolio covering the use of carbonic anhydrase, or analogues thereof, for the efficient postcombustion capture of carbon dioxide with lowenergy aqueous solvents. Further information can be found at www.co2solutions.com.
CO2 Solutions Forward-looking Statements
Certain statements in this news release may be forward-looking. These statements relate to future events or CO2 Solutions' future economic performance and reflect the current assumptions and expectations of management. Factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to those risks set out in the Corporation's public documents filed on SEDAR. Readers are cautioned not to place undue reliance on such forward-looking statements. CO2 Solutions undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CO2 Solutions Inc.
For further information: Investor and Media Contact: Thom Skinner, 418-842-3456, ext. 223, [email protected]; www.co2solutions.com