Sharc Energy Completes $1.57 Million Unsecured Debenture

Sharc Energy Completes $1.57 Million Unsecured Debenture

Benzinga
August 18, 2025

VANCOUVER, British Columbia, Aug. 18, 2025 (GLOBE NEWSWIRE) -- SHARC International Systems Inc. (CSE:SHRC) (FSE: IWIA) (OTCQB:INTWF) ("SHARC Energy" or the "Company") is pleased to announce that, further to its news release dated August 1, 2025, the Company has closed a non-brokered private placement of unsecured convertible debentures of the Company (each, a "Debenture") for a principal amount of $1,570,000 (the "Offering"). While the terms of the closed Offering vary from those announced on August 1st, the revisions provide improved outcomes for the Company and its shareholders.

The Debentures will bear interest from their issue date at 8.0% per annum calculated annually & paid on maturity and will mature three (3) years following the date of issuance (the "Maturity Date"). The Debentures are unsecured and will rank pari passu in right of payment of principal and interest with all current and future unsecured indebtedness of the Company. The Debentures, including any accrued and unpaid interest, will be convertible into common shares in the capital of the Company ("Common Shares") at a price of $0.125 per Common Share (the "Conversion Price") at the option of the holder.

The Debentures are subject to a ten percent (10.0%) blocker provision, which restricts the conversion of any underlying Debentures in the event such exercise would result in the securityholder holding ten percent (10.0%) or more of the issued and outstanding Common Shares at such time.

In connection with the Offering, the Company paid to a certain eligible non-arm's length finder: (i) a cash fee of $125,600 and (ii) issued to such finder, 1,004,800 compensation warrants of the Company (the "Compensation Warrants"). Each Compensation Warrant entitles the holder thereof to purchase one (1) Common Share of the Company ...

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