In This Article:
OLD SAYBROOK, CT and VANCOUVER, BC / ACCESSWIRE / December 23, 2024 / BluSky Carbon Inc. (CSE:BSKY) ("BluSky" or the "Company"), an innovative entry into the carbon removal clean technology sector, is pleased to announce that it intends to complete a non-brokered private placement of convertible debentures of the Company (each, a "Convertible Debenture Unit") at a price of $0.30 per Convertible Debenture Unit for gross proceeds to the Company of up to $1,000,000 (the "Offering").
Each Convertible Debenture Unit will be comprised of $1,000 in principal amount of unsecured convertible debenture ("Convertible Debenture"). The Convertible Debentures will bear interest at a rate of 12% per annum, calculated and payable quarterly in arrears, commencing three months from closing, and mature 24 months following the date of issuance (the "Maturity Date"). The principal amount of each Convertible Debenture (the "Principal Amount") and any interest accrued thereon will be convertible into Common Shares at a conversion price of $0.30 per Common Share (the "Conversion Price") at the option of the holder of a Convertible Debenture ("Debenture Holder") at any time prior to the close of business on the Maturity Date.
The Convertible Debentures will be unsecured obligations of the Company.
The net proceeds received by the Company from the Offering are intended to be used for general corporate and working capital purposes.
Finders' fees may be paid to eligible arm's length persons with respect to certain subscriptions accepted by the Company, in accordance with the policies of the Canadian Securities Exchange (the "CSE").
The Company also announces that it no longer intends to complete its previously announced "best-efforts" public offering of up to 6,000,000 units of the Company for gross proceeds of up to $3,000,000.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.