Braingrid Limited (CSE:BGRD) (OTCMKTS:BGRDF) announced Tuesday that the European High Growth Opportunities Securitization Fund has converted C$100,000 of a remaining C$210,000 in senior unsecured debentures into more than 1.2 million company shares at C$0.08 apiece.
Under the terms of the C$5.1 million financing deal between Braingrid and the Fund on July 11, the company has a cumulative make-whole obligation of C$668,225, which is payable by cash or stock.
Braingrid also announced that it had taken steps to minimize cash burn by providing working notice to a number of employees. The company is seeking out additional sources of capital and considering strategic alternatives.
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