The Maturity Date is the earlier of (i) Jand (ii) the Company achieving a minimum of CA$10,000,000 of (x) earnings before interest, taxes, depreciation and amortization and (y) free cash flow, as reported in its annual or quarterly financial statements. The principal balance will accrue interest at a rate of 10% per annum, with the principal and interest due on the maturity date of the Debenture (the “ Maturity Date”). The Company is also pleased to announce today that it has closed another non-brokered, private placement of convertible debentures (the “ Debentures”) for proceeds of CA$5 million from International Investments, Ltd. The Options entitle the holder thereof to acquire, in aggregate, up to 1,500,000 subordinate voting shares of the Company at an exercise price of CA$2.25 per subordinate voting share, expiring on June 3, 2024.Ĭurtis Heffernan, the Company’s Acting President, has left the Company as of Jto pursue other opportunities. Lee 1,500,000 options to purchase subordinate voting shares in the capital of the Company pursuant to the Company’s stock option plan (the “ Options”). Lee’s appointment, the Company will grant Mr. Lee will also join the board of IGNITE as a director. Lee has a consistent track record of providing above market performance by developing world class teams to execute in all disciplines of operations, revenue growth and product innovation. Having earned the management titles of President, CEO and Director, Mr. Lee has over 25 years of management leadership experience with consumer products companies, such as Truck Accessories Group, Apollo Brands, Philips Norelco, Spectrum Brands and AT&T Wireless. (CSE:BILZ, OTCQX: BILZF) (“ IGNITE” or the “ Company”), a global consumer packaged goods brand, is pleased to announce that it has hired a new President, Lester Lee, with a proposed start date of June 15, 2020.
VAUGHAN, Ontario, J(GLOBE NEWSWIRE) - IGNITE International Brands, Ltd.
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