SHARC wins “Incubatenergy Lab Challenge” by EPRI - Seite 3

About EPRI

The Electric Power Research Institute, Inc. (www.epri.com) conducts research and development relating to the generation, delivery and use of electricity for the benefit of the public. An independent, non-profit organization, EPRI brings together its scientists and engineers as well as experts from academia and industry to help address challenges in electricity, including reliability, efficiency, affordability, health, safety and the environment. EPRI members represent 90% of the electricity generated and delivered in the United States with international participation extending to 40 countries. EPRI’s principal offices and laboratories are located in Palo Alto, Calif.; Charlotte, N.C.; Knoxville, Tenn.; Dallas, Texas; Lenox, Mass.; and Washington, D.C.

Amendment of Debenture Terms
The Company has amended the terms of the December 20, 2022 maturing (the “Maturity Date”) 8% Convertible Debenture with an aggregate face value of $1,030,000 (the “Debenture”).

Originally, the Debentures were convertible at the option of the holder into common shares of the Company (the “Common Shares”) at any time after December 20, 2020 and prior 5:00 p.m. (Pacific time) on the last business day prior to the Maturity Date at a conversion price of $0.10 per Common Share (the “Conversion Price”). If after December 20, 2020 the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is $0.40 or greater for 20 consecutive trading days, the Company may, at its option, convert the Debentures (including any accrued and unpaid interest) into Common Shares at the Conversion Price by disseminating a press release, in which case the Debentures shall be converted into Common Shares on the second business day after dissemination of such press release.

The Company has amended the terms to allow for the Debentures to be convertible at the option of the holder into Common Shares at any time after May 21, 2020 and before 5:00pm (Pacific time) on the last business day prior to the Maturity Date at the Conversion Price. If after May 21, 2020 the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is $0.40 or greater for 20 consecutive trading days, the Company may, at its option, convert the Debentures (including any accrued and unpaid interest) into Common Shares at the Conversion Price by disseminating a press release, in which case the Debentures shall be converted into Common Shares on the second business day after dissemination of such press release.