ConvertibleExpiredBTC
10% Convertible Notes due 2030
LEEF-Jan30
0.22 CAD▼ 2.22%
BTC Holdings
5.44 BTC
Total Debt
C$17.82M
Leverage
2298.8%
mNAV
103.56x
Outstanding
$0.00
Issue date
2025-01-15
Principal
$5.00M
Coupon
10.00%
Maturity
2030-01-15
Conversion price
C$0.18
ITM Status
ITM (+22.2%)
- Each unit includes 5,660 common share purchase warrants
- All convertible debentures fully converted by Dec 2025
Terms & Documentation
Terms
- BTC strategy
- Yes
- Ranking
- First lien on BTC holdings — subordinate to other senior secured debt on non-BTC assets
- Settlement
- Shares
- Payment frequency
- None (zero coupon)
- Rate type
- Fixed
- Forced conversion
- After 3 months from closing, if 10-day VWAP >= ~US$0.25 (C$0.35), issuer may force conversion with 30 days notice
- Call provision
- May redeem for principal plus accrued interest upon 30 days notice if 10-day VWAP >= 110% of conversion price, payable in cash or freely tradable shares
- Use of proceeds
- Bitcoin acquisition, growth opportunities, capital expenditures, and general corporate purposes
Participants
Holders & Underwriters(1)
- $5M 10% BTC-Backed Conver…Canaccord Genuity Corp.underwriterC$5Mas of 2025-01-15Lead agent
Outstanding History
Outstanding history(2)
| As of | Event | Outstanding |
|---|---|---|
| 2025-12-29 | Conversion | $0.00 All convertible debentures fully converted |
| 2025-01-15 | Issuance | $5.00M Estimated closing date |
- 2025-12-29 — $0
- 2025-01-15 — $5,000,000