Kontrol Energy announces extension of maturity date of 8% unsecured debenture until December 15, 2020


TORONTO, ON / ACCESSWIRE / November 2, 2020 / Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) (the “Society” Where “Control“) is pleased to announce that it has received the approval of the holders of debentures representing 67.06% of the unpaid principal of the” 8% unsecured redeemable debentures due October 31, 2020 “(the”Debentures 2020“) to extend the maturity date of the 2020 Debentures to December 15, 2020.

The terms of the 2020 Debentures are governed by a Deed of Trust relating to the Debentures entered into between the Company and Computershare Trust Company dated August 23, 2016, as amended, which provides that holders of the 2020 Debentures may extend the Maturity Date to payment of the principal by a written instrument signed by the holders of 66-2 / 3% of the principal of all 2020 debentures outstanding.

This extension was made within the framework of the Company’s previously announced non-intermediary private placement (the “Offer“) units (the”Units“) for gross proceeds of $ 5,800,000, allowing existing holders of 2020 Debentures to exchange their 2020 Debentures for Units as part of the Offering. Each Unit will consist of one 8% unsecured debenture of 1,000 $ of the Company maturing October 31, 2022 (each, one “Debenture 2022“) and 10 ordinary shares of the Company.

The 2020 Debentures will continue to bear interest at the rate of 8% per year, calculated monthly on the basis of a 365-day or 366-day year, for the extension period. The final payment of interest will be due on December 15, 2020.

About Kontrol Energy

Kontrol Energy Corp. (CSE: KNR) (OTCQB: KNRLF) (FSE: 1K8) is a leader in the energy efficiency sector through IoT, Cloud and SaaS technologies. With a disciplined mergers and acquisitions strategy, combined with organic growth, Kontrol Energy Corp. provides our customers with market-based energy solutions designed to reduce their overall energy cost while providing a corresponding reduction in greenhouse gas (GHG) emissions.

Additional information about Kontrol Energy Corp. can be found on its website at www.kontrolenergy.com and by viewing his profile on SEDAR at: www.sedar.com

For more information, contact:

Paul Ghezzi, Managing Director
[email protected] or [email protected]
Kontrol Energy Corp.,
180 Jardin Drive, Unit 9, Vaughan, ON L4K 1X8
Tel: 905.766.0400, Toll free: 1.844.566.8123

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Certain information included in this press release, including information relating to future financial or operational performance and other statements which express management’s expectations or estimates of future performance constitute “forward-looking statements”. These forward-looking statements include, without limitation, statements regarding the Offer, possible future acquisitions and / or investments in operating businesses and / or technologies, accelerated organic growth, providing solutions to customers and greenhouse gas emission reductions, financial savings and sustainable energy benefits and energy monitoring. When the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and considered to have a reasonable basis. These assumptions include, without limitation, that the Offer will be successful, that suitable companies and technologies for the acquisition and / or investment will be available, that such acquisitions and / or investment transactions will be concluded, that sufficient capital will be available to the Company, that the technology will be as efficient as expected, that organic growth will occur, and others. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. These risks include, but are not limited to, the lack of acquisition and investment opportunities or that such opportunities cannot be closed on reasonable terms, or not at all, and sufficient capital and funding is not available. can be obtained on reasonable terms, or not at all, that the technologies will not prove to be as effective as expected that customers and potential customers will not accept the Company’s offer of products and services as intended, and government and regulatory factors affecting the energy conservation industry. Therefore, one should not place undue reliance on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as of the date hereof and the Company assumes no obligation to publicly update or revise these forward-looking statements or the forward-looking statements contained in any other document, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

THE SOURCE: Kontrol Energy Corp.

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