ConvertibleActive
11.25% Convertible Notes due 2027
BTCW-Mar27
0.04 CAD▲ 0.00%
BTC Holdings
204 BTC
Total Debt
C$36.90M
Leverage
187.1%
mNAV
0.78x
Outstanding
C$1.12M
Issue date
2023-02-16
Principal
C$1.10M
Coupon
11.25%
Maturity
2027-03-28
Conversion price
C$0.15
ITM Status
OTM (-73.3%)
- Combined Feb 16 ($700K) and Mar 28 ($400K) 2023 secured convertible debentures
- Maturities: Feb 16, 2026 and Mar 28, 2026, subject to two automatic one-year extensions per Note 15 of FY2025 audited FS
Analytics
ITM History
Stock price vs conversion price (C$0.15)OTM -73.3%
Terms & Documentation
Terms
- BTC strategy
- No
- Ranking
- Secured
- Settlement
- Shares
- Rate type
- Floating
- Rate reference
- Bank of Canada policy rate + 8%
- Forced conversion
- If VWAP >= C$0.30 for 10 trading days
- Call provision
- Company may repay with no penalty, 30 days notice
- Use of proceeds
- Refinance existing bitcoin-denominated debt
Outstanding History
Outstanding history(4)
| As of | Event | Outstanding |
|---|---|---|
| 2026-03-31 | — | C$1.12M Auto-extended one year; now mature Feb 16-Mar 28, 2027 (subject to further auto extension to 2028) |
| 2025-12-31 | — | C$1.12M Maturities Feb 16 & Mar 28, 2026 subject to two automatic one-year extensions |
| 2023-12-31 | Issuance | C$1.12M Aggregate principal of multiple debentures; earliest confirmed balance |
| 2023-02-16 | Issuance | C$1.10M |
- 2026-03-31 — C$1,120,735Note 7 - Convertible Debt (Debentures B)
- 2025-12-31 — C$1,120,735Note 15 - Convertible Debt (Debentures B)
- 2023-12-31 — C$1,121,613Note 15 — Convertible Debt
- 2023-02-16 — C$1,100,000