Green Rain Energy repudiates $20M convertible note; blocks conversions

Green Rain Energy Holdings Inc.

Disputes $20M 8% Convertible Promissory Note issued in Jan 2019 to acquire Medican Enterprises assets.
Current management (took over Oct 2024) claims note is not a binding obligation; internal records lack documentation.
Directed transfer agent to block any conversion requests unless authorized by CEO and Board.
Board authorizes fair-value reevaluation and asset validation; potential impairment charges or accounting adjustments.
Company warns unauthorized conversions could dilute capital structure and create financial disputes.

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