06:32 AM EDT, 06/25/2024 (MT Newswires) -- Exro Technologies ( EXROF ) , a clean technology company that saw its shares fall almost 5% yesterday to close near a 52-wee low, overnight Monday reported interest payment details about the company's outstanding convertible debentures.

Under the terms of the company's $15 million debentures issued on Dec. 30, 2022, the debentures bear 12% interest per year, payable semi-annually in arrears starting on June 30, 2023.

As of June 24, 2023, the company has 14,950 debenture units outstanding, and a total of interest owing on the debentures payable of $897,000. The company has elected to issue about 1.8 million common shares at a deemed price of $0.50 to the debenture holders as payment for the interest.

Under the debentures, the deemed issue price per common share is calculated based on the volume-weighted average trading price of the common shares for the five trading days immediately before June 24, 2024.