Greenbriar Capital Corp. announced that it will issue unsecured convertible debenture for gross proceeds of CAD 1 million on June 22, 2023. The debenture will bear interest at 12% per annum, calculated and paid quarterly commencing on the date of issuance and will mature thirty-six months from the date of issuance.

The debenture holder will have right to convert outstanding debentures into 800,000 common shares at a price of CAD 1.25 per common share subject to adjustment pursuant to the terms of the debenture on or prior to maturity date. The debenture is subject to a statutory hold period of four months plus a day from the date of issuance. The transaction is subject to approval from regulatory approvals, including the TSX Venture Exchange.

The company will also issue 460,000 warrants to the debenture holder, which can be convert into common shares at price of CAD 1.30 per common share on or prior to maturity date.