PowerBand Solutions (TSX.V: PBX) (OTCQB: PWWBF) (Frankfurt: 1ZVA), a fintech provider disrupting the automotive industry, on Friday announced that the sole holder of a $1.5 million convertible debenture with a maturity date of October 22, 2020, has elected to convert the entire principal, pursuant to an unsecured convertible note dated October 22, 2019. According to the update, $1.0 million of the principal amount is convertible at a price of $0.065 and $500,000 of the principal amount is convertible at a price of $0.085. In total, 21,266,968 common shares will be issued as fully paid and non‑assessable shares in the capital of PowerBand Solutions as of October 22, 2020. The securities issued are subject to a four month hold period, which will expire on February 23, 2021.
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About PowerBand Solutions Inc.
PowerBand Solutions, listed on the TSX Venture Exchange and the OTCQB markets, is a fintech provider disrupting the automotive industry. PowerBand’s integrated, cloud-based platform facilitates transactions amongst consumers, dealers, funders and manufacturers (“OEMs”). It enables them to buy, sell, trade, finance, and lease new and used, electric- and non-electric vehicles, on smart phones or any other online digital devices, from any location. PowerBand’s transaction platform – being trademarked under DRIVRZ – will be available across North American and global markets. For more information, visit www.PowerBandSolutions.com.
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