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Hemostemix issues debt, adds board members as part of reorganization

Hemostemix Inc. issued C$1 million worth of debt and appointed two members to its board as part of a reorganization announced in 2016.

The company added David Wood and Donald Friesen to fill two of the three vacancies created as result of Robert Bard, Victor Redekop and Robert Buckler's resignation earlier this month.

Angus Jenkins will continue to serve as the company's chairman.

Hemostemix also appointed Kyle Makofka as its chief restructuring officer. Makofka is the managing director of Drive Capital Corp. which is heading Hemostemix's restructuring efforts.

The debt was issued in the form of convertible debentures to Drive Capital which then transferred it to Wood Capital Ltd., an affiliated private equity investment firm.

The debt is convertible at a rate of 16 Canadian cents per unit. Each unit will comprise one Hemostemix share and one-half of a purchase warrant.

Each whole warrant will be exercisable into a Hemostemix share at 30 Canadian cents apiece.

Drive Capital also agreed to provide up to C$750,000 in emergency funding to help Hemostemix meet its business obligations.