Replenish Nutrients closes $7.5M debenture, completing $15M SRC investment

Replenish Nutrients Holding Corp (CSE:ERTH, OTC:VVIVF, FRA:7KE) said it has closed a $7.5 million convertible debenture investment from SRC Agrominerals Sales, completing the $15 million strategic investment first announced in July. Proceeds from the debenture will fund expansion of the company's Beiseker facility, along with working capital, inventory purchases, debt repayment and general corporate purposes. With the closing, SRC now beneficially owns and controls 50 million common shares, representing approximately 19.86% of Replenish's issued and outstanding shares, along with 25 million unlisted common share purchase warrants and the $7.5 million convertible debenture. Assuming full exercise of the warrants and conversion of the debenture, SRC would hold control and direction over 108.3 million common shares, or 34.93% of shares outstanding on a partially diluted basis. SRC is restricted from converting the debenture or exercising the warrants if doing so would push its ownership, together with any joint actor, to 20% or more of Replenish's total issued and outstanding securities, unless shareholder approval is obtained under Canadian Securities Exchange policies. SRC is a privately owned Canadian company that owns the Spanish River Carbonatite reserves, a mineral deposit outside Sudbury, Ontario. The company has spent 15 years commercializing the deposit, and its flagship Spanish River Carbonatite product is OMRI and ProCert-listed for organic use, app...