Ethema Completes Restructure and Gets Ready to Open New Treatment Facility


West Palm Beach, FL, Aug. 20, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Ethema Health Corporation (OTCPINK: GRST) (“Ethema” “GRST” or the “Company”) last reported on July 2, 2020 on its progress with its filing status and its debt restructuring. The Company announces today that it has completed its debt restructuring with Leonite Capital LLC (“Leonite”), including the completion of the additional new financing that was a condition of the restructuring.  The Company has amended the terms of its debt with Leonite to convert over $1.4 million of defaulted debt into CDN$960,000 (approximately US$700,000) of 10% convertible preferred shares in its wholly owned subsidiary Cranberry Cove Holdings Ltd., and $400,000 in 6% convertible preferred shares in the Company.  The Company has filed article of amendment to create a new class of preferred shares for this amendment and a new class of preferred shares for its subsidiary Cranberry Cove Holdings Ltd.  The remaining balance of the Leonite debt was reduced to $150,000, which had its terms reset to its original terms prior to its default on the note.  As part of the restructuring, Leonite exchanged all of its previous warrants for one new warrant.  The company will file all documents related to the restructure in an 8K filing.