{"id":951,"date":"2026-04-24T07:25:59","date_gmt":"2026-04-24T07:25:59","guid":{"rendered":"https:\/\/charbone2.eliweb.ca\/?post_type=news&#038;p=951"},"modified":"2026-07-24T17:02:21","modified_gmt":"2026-07-24T17:02:21","slug":"charbone-increases-10m-convertible-loan-first-drawdown-amount-to-3m","status":"publish","type":"news","link":"https:\/\/charbone2.eliweb.ca\/en\/new\/charbone-increases-10m-convertible-loan-first-drawdown-amount-to-3m\/","title":{"rendered":"CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M"},"content":{"rendered":"<p><strong>Brossard, Quebec, April 23, 2026 \u2013 CHARBONE CORPORATION<\/strong> (TSXV: CH; OTCQB: CHHYF; FSE: K47) (\u201c<strong>CHARBONE<\/strong>\u201d or the \u201c<strong>Company<\/strong>\u201d), a North American producer and distributor specializing in clean Ultra High Purity (\u201c<strong>UHP<\/strong>\u201d) hydrogen and strategic industrial gases, following its news release dated March 31, 2026, is pleased to announce that the closing process is progressing on the secured convertible loan (the \u201c<strong>Convertible Loan<\/strong>\u201d) that will provide for up to $10 million of financing from Riverfort Global Opportunities PCC Ltd (\u201c<strong>RiverFort<\/strong>\u201d or the \u201c<strong>Lender<\/strong>\u201d), and confirms that terms have been modified as follows:<\/p>\n<ul>\n<li>The first drawdown amount has been increased from $2.15 million to $3 million;<\/li>\n<li>Any subsequent drawdowns will be convertible, at the option of the Lender, into Common Shares at a conversion price per common share at a 25% premium to the reference price (defined as the greater of: (i) the average of the five (5) daily VWAPs of the Shares immediately preceding the applicable drawdown date, and (ii) a 5% premium to the market price of the common shares at the time of the issuance of a press release announcing such drawdown); and<\/li>\n<li>In respect of any amount not paid when due, only if applicable, default interest shall accrue in such a manner that the total return of this instrument under each drawdown, calculated based on the outstanding principal balance, shall be capped at twenty-four percent (24%) per annum.<\/li>\n<\/ul>\n<p>The first drawdown will become available upon the signature of the definitive agreements with RiverFort and satisfaction of the closing conditions provided for in the Convertible Loan, including the approval by the TSX Venture Exchange. Please find unchanged terms of the first drawdown below:<\/p>\n<ul>\n<li>Convertible, at the option of the Lender, into units composed of one common share of the Company and 0.3 of a warrant, at a conversion price of $0.15 per unit.<\/li>\n<li>Each whole warrant issued in connection with the first drawdown of $3 million will be exercisable to acquire one additional common share in the capital of CHARBONE, at a price per share of $0.195, for a period of 48 months, subject to a maximum of 5 years from the Convertible Loan closing date.<\/li>\n<li>12% annual interest payable in cash every 4 months.<\/li>\n<li>If not converted before, 10% of the first drawdown shall be repaid at the end of six months, 20% at the end of 12 months and 70% on maturity date in 18 months.<\/li>\n<li>An implementation fee of 5% of the first drawdown will be paid in cash on closing and a nonrefundable $20,000 due diligence fee has already been paid.<\/li>\n<li>Secured with a first ranking hypothec over the universality of all present and future movable property of each of Charbone Hydrog\u00e8ne Qu\u00e9bec Inc. (Sorel-Tracy project) and Charbone Hydrogen Corporation.<\/li>\n<li>The securities issued upon any conversion of the principal amount of the Convertible Loan will be<br \/>\nsubject to the statutory four-month hold period in Canada.<\/li>\n<\/ul>\n<p>CHARBONE also announces the completion of the full conversion of the September 2025 Convertible<br \/>\nReplacement Debentures, issued and announced on October 1, 2025, for an amount of $2.05M.<\/p>\n","protected":false},"parent":0,"template":"","class_list":["post-951","news","type-news","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M &#062; Charbone<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CHARBONE Increases $10M Convertible Loan First Drawdown Amount to $3M &#062; 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