on Wildpack Beverage Inc (NASDAQ:WLDPF)
Wildpack Beverage Updates on Restructuring Plan
Wildpack Beverage Inc., a co-packer of canned goods, has provided an update on its restructuring transaction regarding convertible debentures worth $45,007,000. This includes an amended loan agreement with Sandton Credit Solutions, increasing the facility size by US$4,000,000 and changing the conversion terms. The loan's interest is now 15% per annum.
The company aims to repurchase $20,000,000 of debentures for $2,000,000 and exchange the remainder for common shares at $0.10 each. An approval has been received from the TSXV and shareholders for these changes, including a rights offering seeking $3,550,000. Additional funding of US$9,600,000 from Sandton supports working capital needs.
The closing of these transactions depends on final TSXV approval. Wildpack plans to secure more funding through additional loans and a rights offering. This will help in managing its debt structure.
R. P.
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