Creditor | Jotup

4Front Ventures Corp. Transforms Balance Sheet Through Conditional Senior Secured Debt Conversion into Equity and Announces Leadership Change

Retrieved on:

Lunedì, Gennaio 8, 2024

CAD, Shoe, USD, SVS, Venture, Growth, Creditor, Pleasure, Amendment, Management

The terms for the remaining loan balance of $USD 28,700,000 will be unamended, and the interest rate will remain at 12%.

Key Points:

The terms for the remaining loan balance of $USD 28,700,000 will be unamended, and the interest rate will remain at 12%.
The Amendment is subject to requisite third-party concessions and approvals, including regulatory approval from the Canadian Securities Exchange.
As demonstrated clearly by the conversion of this debt to equity, I and the investors of LI Lending are fully committed to the success of 4Front."
His proven leadership and commitment to the Company will enable him to guide 4Front through its next chapter and help drive long-term value for our shareholders."

Hut 8 receives court approval in its stalking horse bid for four natural gas power plants including the North Bay Bitcoin mine

Retrieved on:

Lunedì, Gennaio 8, 2024

Bitcoin, Partnership, Transaction, Macquarie Group, Approval, Hut 8, Creditor, TSX, VPC

Among other things, the Approval and Vesting Order approves the Company's previously announced stalking horse bid transaction (the "Transaction") to acquire four natural gas power plants including the North Bay Bitcoin mine, which was submitted in partnership with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group.

Key Points:

Among other things, the Approval and Vesting Order approves the Company's previously announced stalking horse bid transaction (the "Transaction") to acquire four natural gas power plants including the North Bay Bitcoin mine, which was submitted in partnership with Macquarie Equipment Finance Ltd. (“Macquarie”), a subsidiary of Macquarie Group Limited, a global financial services group.
In connection with the approval of the Transaction, a new Ontario subsidiary of Hut 8 ("BidCo") will become the owner of certain assets of VPC and the assets and operations and equity interests of certain Validus Entities.
Completion of the Transaction remains subject to the satisfaction of other standard conditions to closing.
The completion of the Transaction, which is anticipated to occur by February 15, 2024, is also expected to result in the full and final resolution of all litigation claims and counterclaims currently pending between Hut 8 and certain Validus Entities.

EQS-News: Successful Completion of Financial Restructuring for 640 MW Yunlin Offshore Wind Farm Project in Taiwan

Retrieved on:

Martedì, Gennaio 2, 2024

Global Infrastructure Partners, Independent power producer, Electricity, Economy, Government, Tokyo Stock Exchange, Wind, Farm, Cod, CCGT, Biofuel, Ministry, Carbon, TotalEnergies, Creditor, GIP, Natural gas, Renewable energy

Yunneng Wind Power Co., Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin offshore wind farm project in Taiwan (Yunlin Project), has received the necessary approvals from Taiwanese authorities, namely, the Ministry of Economic Affairs, and Energy Administration, to enable the successful completion of its financial restructuring announced in August 2023.

Key Points:

Yunneng Wind Power Co., Ltd. (Yunneng), the company responsible for the construction and operation of the 640 MW Yunlin offshore wind farm project in Taiwan (Yunlin Project), has received the necessary approvals from Taiwanese authorities, namely, the Ministry of Economic Affairs, and Energy Administration, to enable the successful completion of its financial restructuring announced in August 2023.
Moreover, the installation teams have reached a level of 45 monopile foundations, 26 inner array grid and 12 export cables laid.
The Yunlin Project is located in the Taiwan Strait, between 8 and 17 kilometers off the west coast of Taiwan, at water depths from 7 up to 35 meters.
Once completed, the 640 MW Yunlin Project will be one of the largest offshore wind farms in Taiwan, producing enough clean energy to serve the energy needs of more than 600,000 Taiwanese households.

First Phosphate Closes Second Tranche of Oversubscribed Private Placement for Total Current Financing of $7.5 Million

Retrieved on:

Martedì, Gennaio 2, 2024

The offering including the Second Tranche were largely oversubscribed by a factor of 275%.

Key Points:

The offering including the Second Tranche were largely oversubscribed by a factor of 275%.
In our experience, proximity to port and access to infrastructure and workforce are the single largest determinants for the economic viability of any phosphate project.
We feel that it will become the first phosphate mine to see production in Quebec.
A potential final tranche of the financing is scheduled for closing on or about January 10, 2024.

Verona Pharma enters into Debt Facility of up to $400 Million with Oxford Finance and Hercules Capital

Retrieved on:

Martedì, Gennaio 2, 2024

Hercules, VRNA, Health care, COPD, Chronic obstructive pulmonary disease, Pharming, Growth, Patient, Pharma, Creditor, Senior

LONDON and RALEIGH, N.C., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Verona Pharma plc (Nasdaq: VRNA) (“Verona Pharma”), announces it and its wholly-owned subsidiary, Verona Pharma, Inc. (the “Company”), have entered into a debt financing facility (“debt facility”) providing the Company with access to up to $400 million from funds managed by Oxford Finance LLC (“Oxford”) and Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) (collectively, the “Lenders”).

Key Points:

LONDON and RALEIGH, N.C., Jan. 02, 2024 (GLOBE NEWSWIRE) -- Verona Pharma plc (Nasdaq: VRNA) (“Verona Pharma”), announces it and its wholly-owned subsidiary, Verona Pharma, Inc. (the “Company”), have entered into a debt financing facility (“debt facility”) providing the Company with access to up to $400 million from funds managed by Oxford Finance LLC (“Oxford”) and Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) (collectively, the “Lenders”).
The debt facility replaces the existing facility of up to $150 million with an affiliate of Oxford.
Verona Pharma will pay only interest on the outstanding loans under the debt facility for the first 53 months with the outstanding principal of the loans under the debt facility amortized over the subsequent 7 months.
The $20 million drawn and fees and associated costs due to Oxford on the discharge of the existing debt facility will be paid to Oxford on closing of the debt facility.

Acrometa Posts Record Revenue of S$69.5 Million for FY2023, Continues to Pursue New Opportunities in Co-Working Lab Space Business

Retrieved on:

Mercoledì, Novembre 29, 2023

COVID-19, Health, EPC, Biotechnology, Research, Acquisition, Executive, Engineering, NTP, Bank statement, LSI, Growth, Creditor, Renewable energy

Gross profit increased by 19% from S$9.8 million for FY2022 to S$11.7 million for FY2023, while gross profit margins improved from 15.7% for FY2022 to 16.8% in FY2023.

Key Points:

Gross profit increased by 19% from S$9.8 million for FY2022 to S$11.7 million for FY2023, while gross profit margins improved from 15.7% for FY2022 to 16.8% in FY2023.
The Group's continuing operations comprising of its specialist EPC and maintenance segments recorded a profit of S$2.2 million on the back of a 10.8% growth in revenue from S$62.3 million for FY2022 to S$69.0 million for FY2023.
Excluding these, the net profit would be S$2.3 million compared to FY2022 net profit of S$2.9 million.
This press release should be read in conjunction with the financial statements released by AcroMeta Group Limited today.

PINTEC ANNOUNCES UNAUDITED FINANCIAL RESULTS FOR THE FIRST HALF OF 2023

Retrieved on:

Lunedì, Maggio 6, 2024

Total revenues decreased by 11.89% to RMB35.09 million (US$4.86 million) for the first half of 2023 from RMB39.82 million for the same period of 2022.

Key Points:

Total revenues decreased by 11.89% to RMB35.09 million (US$4.86 million) for the first half of 2023 from RMB39.82 million for the same period of 2022.
The decrease in revenues from installment service fee was mainly due to the decrease in volume of SMEs loans in the first half of 2023.
Cost of revenues increased by 59.90% to RMB30.88 million (US$4.27million) for the first half of 2023 from RMB19.31 million for the same period of 2022.
We had service cost charge by the related party of RMB0.03 million and nil for the first half of 2022 and 2023, respectively.

Dundee Corporation Announces Results of Substantial Issuer Bid for Its Series 3 Preferred Shares

Retrieved on:

Giovedì, Dicembre 28, 2023

Rate, Dundee Corporation, Loan, News, Loan agreement, Treasury, Letter, Creditor, TSX, Investment, Security (finance)

Based on the report of Computershare Investor Services Inc., as depositary for the Offer (the “Depositary”), 914,040 Series 3 Shares were tendered to the Offer.

Key Points:

Based on the report of Computershare Investor Services Inc., as depositary for the Offer (the “Depositary”), 914,040 Series 3 Shares were tendered to the Offer.
All Series 3 Shares purchased by the Corporation under the Offer will be cancelled in due course.
The Series 3 Shares purchased under the Offer represent approximately 55.8% of the Series 3 Shares issued and outstanding before giving effect to the Offer.
After giving effect to the cancellation of the Series 3 Shares purchased by the Corporation under the Offer, 724,982 Series 3 Shares will be issued and outstanding.

ARCPOINT ISSUES SHARES TO SETTLE DEBT

Retrieved on:

Mercoledì, Dicembre 27, 2023

ARC, AFG, Creditor, CDN, Agreement

Greenville, South Carolina, Dec. 27, 2023 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) announces that it has entered into an agreement dated December 24, 2023 (the “Agreement”) with an arm’s length creditor (the “Creditor”) to restructure US$1,061,718.75 in indebtedness plus accrued and unpaid interests (the “Indebtedness”) owed to the Creditor by ARCpoint Franchise Group, LLC (“AFG”), a wholly owned subsidiary of the Company. Pursuant to the terms of the Agreement, the Company agreed to, among other things, pay US$350,000 of the Indebtedness to the Creditor on January 2, 2024, and to issue 1,500,000 Class A Subordinate Voting Shares at a deemed price of CDN$0.12 per share to settle CDN$180,000 of the Indebtedness. The Company and the Creditor further agreed that the remaining Indebtedness shall bear a simple interest at a rate of 9.6% per annum for a period of two years and shall cease to accrue after the date that is two years from the date of the Agreement. After giving effect to the aforementioned payment, share issuance and 2-year interest accrual, the parties agreed that the total amount of indebtedness owed by AFG to the Creditor will be $833,856.81. The shares to be issued to the Creditor pursuant to the Agreement will be subject to a four-month hold period pursuant to the applicable Canadian securities laws and one-year hold period pursuant to the applicable U.S. securities laws.

Key Points:

Pursuant to the terms of the Agreement, the Company agreed to, among other things, pay US$350,000 of the Indebtedness to the Creditor on January 2, 2024, and to issue 1,500,000 Class A Subordinate Voting Shares at a deemed price of CDN$0.12 per share to settle CDN$180,000 of the Indebtedness.
The Company and the Creditor further agreed that the remaining Indebtedness shall bear a simple interest at a rate of 9.6% per annum for a period of two years and shall cease to accrue after the date that is two years from the date of the Agreement.
After giving effect to the aforementioned payment, share issuance and 2-year interest accrual, the parties agreed that the total amount of indebtedness owed by AFG to the Creditor will be $833,856.81.
The shares to be issued to the Creditor pursuant to the Agreement will be subject to a four-month hold period pursuant to the applicable Canadian securities laws and one-year hold period pursuant to the applicable U.S. securities laws.

Open Lending Publishes Inaugural ESG Report

Retrieved on:

Mercoledì, Dicembre 20, 2023

Biophysical environment, Risk, Research, Open, Ethics, ESG, Education, Growth, Transport, Creditor, Corporate governance, Bank

AUSTIN, Texas, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the publication of its inaugural Environmental, Social, and Governance Report (the “ESG Report”).

Key Points:

AUSTIN, Texas, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Open Lending Corporation (Nasdaq: LPRO) (“Open Lending” or the “Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, today announced the publication of its inaugural Environmental, Social, and Governance Report (the “ESG Report”).
The ESG Report illustrates how Open Lending is serving its communities and driving vehicle accessibility through advanced technology and security, responsible business practices, and industry thought leadership.
“Open Lending was founded over 20 years ago based upon the belief that every individual deserves equal access to vehicle ownership,” said Keith Jezek, CEO of Open Lending.
To read the ESG Report and learn more about Open Lending, please visit the Corporate Governance section of our Investor Relations website.