HPX majority-owned subsidiary Kaizen Discovery Inc. (TSXV: KZD) has announced that, further to its news release of July 8, 2019, the company has converted the full amount of principal and interest owing on an unsecured promissory note provided to Kaizen by its majority shareholder, HPX TechCo Inc. (HPX), totalling US$782,052 (C$1,024,409, based on the Bank of Canada exchange rate dated July 5, 2019), into 20,488,185 common shares of Kaizen at a price of C$0.05 per share.
The common shares issued are subject to a statutory hold period in Canada expiring four months and one day from the closing date, being November 19, 2019.
As a result of the Debt Conversion, Kaizen now has a total of 317,254,821 shares issued and outstanding, and is debt free. HPX’s ownership of Kaizen has increased from 69.1% to 71.0%.
For more information please see Kaizen’s news release.