Aion Therapeutics Inc. (CNSX:AION) announced the signing of a convertible debenture extension and amendment agreement on October 29, 2020, with Quinsam Capital Corporation.
Aion amends convertible debenture agreement
The signed Amending Agreement adjusted some terms of the November 1, 2017, 10% convertible debenture in principal amount of $262,500. It also includes amendment of the December 10, 2017, 10% convertible debenture in principal amount of $237,500. In both cases, Aion issued the debentures in favour of Quinsam Capital.
According to the terms of the agreement, Quinsam Capital agreed to extend the date of maturity of the debentures to April 30, 2021, from November 1, 2020, and December 10, 2020, respectively. Equally, the agreement provides that outstanding principal amount and interest under the Convertible Debentures is payable by Aion at the originally quoted 10% interest per year until the respective maturity date. After that, the interest will increase to 12% annually until the amended maturity date.
Also, the conversion terms of the Convertible Debentures have been amended, and outstanding principal can be converted into common stock at $0.125 per share rather than $0.15 per common share. The company agreed to pay Quinsam Capital an extension fee of $20,000. According to the Amending Agreement terms, the company settled in full the payable interest of the debentures until the amended date of maturity in the total amount of $41,822. The interest and the extension fee shall be payable to Quinsam in the form of 772,775 common shares at $0.08 per share.
Aion appoints James Thompson as its new president
Recently the company named James Thompson as its new president. Thompson is a renowned healthcare technology entrepreneur and neuroscientist with over 20 years of experience. He most recently co-founded Evoke Neuroscience Inc.