Indiva Announces Proposed Amendments To Certain Outstanding Unsecured Convertible Debentures

Indiva Limited NDVAF NDVA intends to seek approval from the TSX Venture Exchange and each of the outstanding holders of the aggregate amount of $2.99 million 10% interest bearing unsecured convertible debentures, convertible into common shares in the capital of the company, which were issued on December 23, 2019, January 20, 2020 and February 4, 2020 by way of private placements, to amend the terms of the debentures.

Under the proposed amendment to the debentures the company will:

• Extend the maturity date of the debentures to December 31, 2024;

• Decrease the conversion price of the debentures to $0.15 per common share.

No other terms of the debentures are proposed to be amended.

Of the debentures outstanding, $810,000 are set to mature on December 23, 2022 and have a conversion price of $0.20, $680,000 are set to mature on January 20, 2023 and have a conversion price of $0.20 and $1,500,000 are set to mature on February 4, 2023 and have a conversion price of $0.25.

The company has received indications that holders of approximately $2.66 million of debentures will agree to the proposed amendment. Debentures whose holders do not choose to participate in the proposed amendment will continue to hold such debentures under the original terms.

The proposed amendments are subject to exchange approval.

Certain of the company’s directors and officers are holders of the debentures, and the proposed amendments would constitute a "related party transaction" as defined in Multilateral Instrument 61-101 – Protection of minority security holders in special transactions.

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