Pharmagreen Removes Convertible Debt From Its Balance Sheet
Pharmagreen Biotech, Inc. (OTC PINKS: PHBI) announced a settlement with a convertible note lender, ceasing future conversions and effectively removing over $600,000 in convertible debts from its balance sheet. The settlement was submitted for dismissal in the SDNY courts. Only two convertible notes remain, which will be repaid as loans. This achievement allows the company to focus on project funding and bolster shareholder value, as CEO Peter Wojcik highlighted increased interest from mid-tier firms for their growth initiatives in the hemp industry.
- Settlement with a convertible note lender ends future conversions and removes over $600,000 in convertible debts.
- Only two convertible notes remain, which will be settled as loans, improving balance sheet stability.
- Increased inquiries from mid-tier firms suggest growing support for Pharmagreen’s growth initiatives.
- None.
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
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.
About Pharmagreen Biotech Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter plantlets through a proprietary tissue culture process with the opportunity to become one of the largest players globally. Pharmagreen’s mission is to advance the technology of tissue culture science and to provide the highest quality
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Contact Information:
www.pharmagreen.ca
Tel: (702) 803 9404
Email: info@pharmagreen.ca
