Cherubim Interests issued a press release announcing that multiple major debt holders of CHIT have agreed to convert USD $506,806.96 of debt currently on the balance sheet to Series B Convertible Preferred Stock at a price of $2.50 per share. According to the release, these supporters have been invested in the company for some time now and were pleased to show additional support.
“By cleaning up the balance sheet and creating equity for the company, we are delivering on our promise to shareholders to make bold and significant improvements to our bottom line,” stated Cherubim Interests CEO Patrick Johnson. “By eliminating over a half-million dollars in debt, the Company passes an important milestone on its journey toward meeting the $4 million shareholder equity threshold, which in turn helps in achieving all qualifications for listing on the NYSE Markets. This is just one of several important, strategic financial transactions that will enhance the Company’s position going forward.”
For more information, visit www.cherubiminterests.com
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