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TORONTO, Ontario, Feb. 17, 2022 (GLOBE NEWSWIRE) -- Avante Logixx Inc. (TSX.V: XX) (OTC: ALXXF) (“Avante” or the “Company”) announced today that it has received conversion notices with respect to the 7% Convertible Unsecured Debentures due November 27, 2024 (the “Convertible Debentures”), issued on November 27, 2019 from each of: (i) Allied World Insurance Company (“Allied”) in the principal amount of $6,198,000, and (ii) Northbridge General Insurance Company (“Northbridge”) in the principal amount of $2,066,000, comprising all of the outstanding Convertible Debentures. Allied and Northbridge are subsidiaries of Fairfax Financial Holdings Limited.
Pursuant to the terms of the Convertible Debenture, the Company will issue an aggregate of 3,973,077 common shares to Allied and an aggregate of 1,324,359 common shares to Northbridge, each at a conversion price of $1.56. Following the conversion, Allied and Northbridge will collectively hold 5,297,436 common shares, representing approximately 19.998% of the Company's issued and outstanding common shares.
About Avante Logixx Inc.
Avante Logixx Inc. (TSXV: XX) is a Toronto based provider of high-end security services. We acquire, manage and build industry leading businesses which provide specialized, mission-critical solutions that address the needs of our customers. Our businesses continuously develop innovative solutions that enable our customers to achieve their objectives. With an experienced team and a proven track record of solid growth, we are taking steps to establish a broad portfolio of security businesses to provide our customers and shareholders with exceptional returns. Please visit our website at www.avantelogixx.com and consider joining our investor email list.
Avante Logixx Inc.
Craig Campbell
CEO
(416) 923-6984
craig@avantelogixx.com
