Mr. Mukesh Sabharwal reports
ADVANTEX ANNOUNCES BUSINESS UPDATE
Advantex Marketing International Inc. has closed its private placement of a secured non-convertible debenture for gross proceeds of $300,000 to an arm's-length party (the new debenture).
The new debenture bears interest at 12 per cent per annum payable semi annually, matures on Oct. 10, 2025, and ranks pari passu on security with the existing senior secured non-convertible debentures in the aggregate principal amount of $7,759,000 which bear interest at 9 per cent per annum and mature on Dec. 31, 2025, and an existing secured non-convertible debenture in the principal amount of $400,000 which bears interest at 12 per cent per annum and matures Oct. 10, 2025. There was no issuance of common shares of Advantex to the holder of the new debenture. Advantex secured the requisite approval of holders of the senior secured non-convertible debentures prior to issuing the new debenture.
The proceeds of the new debenture will be used to continue to stabilize Advantex's financial position, finance its merchant cash advance business and for general corporate purposes.
The board of directors of Advantex unanimously determined that the new debenture will improve the financial position of Advantex and that its terms are reasonable in the circumstances.
The new debenture will be subject to a statutory hold period of four months plus one day following closing.
About Advantex Marketing International Inc.
Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.