Private placement

AEON Biopharma Announces $15 Million Financing Transaction and Termination of Forward Purchase Agreements

Retrieved on:

Tuesday, March 19, 2024

AEON, Private placement, Private, LTD, FPA, Sale, Migraine, Note, Alembic Pharmaceuticals, AB toxin, Food, FDA, Pharmaceutical industry

IRVINE, Calif., March 19, 2024 (GLOBE NEWSWIRE) -- AEON Biopharma, Inc. (“AEON” or the “Company”) (NYSE AMEX: AEON, AEON WS), a clinical-stage biopharmaceutical company focused on developing a proprietary botulinum toxin complex for the treatment of multiple debilitating medical conditions, today announced it has entered definitive agreements relating to a private placement (the "Private Placement") of $15 million (the “Investment Amount”) aggregate principal amount of senior secured convertible notes (the "Notes") with Daewoong Pharmaceutical Co., LTD. Proceeds from the Private Placement will be paid in a first installment of $5 million and a second installment of $10 million, in each case subject to the closing conditions set forth in the agreements. The Company expects the first installment to close before the end of March 2024 and the second to close in April 2024. Proceeds from the Private Placement will be used to support the late-stage clinical development of ABP-450 and for general working capital purposes. Upon funding of the second installment of the Investment Amount, the Company will appoint one designee of Daewoong to the AEON Board of Directors, subject to a customary due diligence process by AEON. The Daewoong designee must be a member of Daewoong’s senior management team.

Key Points:

Proceeds from the Private Placement will be paid in a first installment of $5 million and a second installment of $10 million, in each case subject to the closing conditions set forth in the agreements.
The Company expects the first installment to close before the end of March 2024 and the second to close in April 2024.
Proceeds from the Private Placement will be used to support the late-stage clinical development of ABP-450 and for general working capital purposes.
Concurrent with the execution of the agreements for the Private Placement, the Company terminated its forward purchase agreements (each an “FPA” and the counterparties thereto, together, the “FPA Providers”).

TerrAscend Reports Fourth Quarter and Full Year 2023 Financial Results

Retrieved on:

Thursday, March 14, 2024

Private placement, Administration, Absorption, Private, Growth, Sale, Acquisition, G&A, Toronto Stock Exchange, Q2, TSX, GAAP, Internal Revenue Code, Calendar, THC, CAD, Video game

TORONTO, March 14, 2024 (GLOBE NEWSWIRE) -- TerrAscend Corp. (“TerrAscend” or the “Company”) (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today reported its financial results for the fourth quarter and full year ended December 31, 2023. All amounts are expressed in U.S. dollars and are prepared under U.S. Generally Accepted Accounting Principles (GAAP), unless indicated otherwise.

Key Points:

Net revenue for the fourth quarter of 2023 was $86.6 million as compared to $69.0 million for the fourth quarter of 2022, representing year-over-year growth of 25.5%.
Gross profit margin for the fourth quarter of 2023 was 48.2% as compared to 44.6% in the fourth quarter of 2022.
General & Administrative expenses (G&A) for the fourth quarter of 2023 were $27.7 million as compared to $34.5 million in the fourth quarter of 2022.
Net cash provided by operating activities was $9.4 million for the fourth quarter of 2023 compared to $7.3 million in the fourth quarter of 2022.

Abcourt Announces a Non-Brokered Private Placement for up to $5.0 Million Resulting in the Creation of a Control Person

Retrieved on:

Tuesday, March 12, 2024

Giant, Indian stock exchange, Control, Private placement, TSX Venture Exchange, Private, Minority, Sale, TMX Group, WIRE, News, SARL, Unit, Special, NOT, Multilateral, NEWS, Person, Security (finance)

ROUYN-NORANDA, Quebec, March 12, 2024 (GLOBE NEWSWIRE) -- Abcourt Mines Inc. (“Abcourt” or the “Corporation”) (TSX Venture: ABI) is pleased to announce a non-brokered private placement of up to 100,000,000 units of the Corporation (“Units”) at a price of $0.05 per Unit for aggregate gross proceeds of up to $5,000,000 (the “Private Placement”) as a result of which François Mestrallet, a director of the Corporation, will become a Control Person of the Corporation (as such term is defined in the policies of the TSX Venture Exchange (the “TSXV”).

Key Points:

Each Unit will consist of one common share of the Corporation (a “Common Share”) and one common share purchase warrant (a “Warrant”).
The Private Placement is expected to close on or about March 26, 2024 and remains subject to approval of the TSXV.
Shareholders of the Corporation will be asked at the Special Meeting to consider and, if thought fit, to pass a resolution (the “Control Person Resolution”) approving the creation of a Control Person.
Additional information regarding the Private Placement and the Control Person Resolution will be provided in the management information circular to be prepared in respect of the Special Meeting.

NMG Pays Accrued Interests and Grants Options

Retrieved on:

Monday, April 1, 2024

Nouveau Monde Graphite Inc. (“NMG“ or the “Company”) ( NYSE: NMG , TSX.V: NOU ) announces today the payment of accrued interests as part of a previously announced private placement announced by press release dated November 8, 2022 (the “2022 Private Placement”).

Key Points:

Nouveau Monde Graphite Inc. (“NMG“ or the “Company”) ( NYSE: NMG , TSX.V: NOU ) announces today the payment of accrued interests as part of a previously announced private placement announced by press release dated November 8, 2022 (the “2022 Private Placement”).
Upon the approval of the TSX Venture Exchange and the New York Stock Exchange (the “Exchanges”), the accrued interests owed to Investissement Québec (the “Holder”) for the first quarter of 2024 under the unsecured convertible note, as amended and restated, (the “Note”) issued in connection with 2022 Private Placement, will be deemed paid.
The issuance of Common Shares is subject to the approval of the Exchanges and, when issued, will be subject to a hold period of four (4) months and one day.
Each option entitles the holder thereof to purchase one common share of the Company at a price of $3.12 per common share for a period expiring on April 1, 2029.

MN8 Energy LLC Announces Closing of Private Placement

Retrieved on:

Monday, April 1, 2024

Other Energy, Environment, Utilities, Sustainability, Alternative Energy, Energy, Private placement, Private, Growth, Partnership, Sale, News, Judgement, MN8, Security (finance)

MN8 Energy LLC (“MN8” or “The Company”), one of the largest and most sophisticated independent renewable energy companies in the U.S., today announced the closing of its private placement (the "Private Placement"), with gross proceeds of $325 million from the issuance and sale of shares of the Company's convertible preferred stock.

Key Points:

MN8 Energy LLC (“MN8” or “The Company”), one of the largest and most sophisticated independent renewable energy companies in the U.S., today announced the closing of its private placement (the "Private Placement"), with gross proceeds of $325 million from the issuance and sale of shares of the Company's convertible preferred stock.
The proceeds from the Private Placement will be used to fund the Company's expanded operations and growth.
The $325 million Private Placement is comprised of a $200 million investment by Mercuria Energy Group, one of the world's leading independent energy and commodity groups, and $125 million by Ridgewood Infrastructure, a leading infrastructure investor in the U.S.
“The closing of our private placement of convertible preferred equity securities is a strategic move aimed at securing capital for tangible and measurable growth,” said Jon Yoder, President and CEO of MN8 Energy.

Almonty Industries Inc. - Placement of Common Share Units and CDI’s raises C$1.47 million1 with Further Commitments of C$1.178 million for acceleration of Tungsten downstream planning and Molybdenum reserves conversion.

Retrieved on:

Saturday, March 23, 2024

Proceeds from the Placement will be applied towards general working capital, including accelerating the downstream project planning and further investigation of the Moly due to increasing interest in the material domestically.

Key Points:

Proceeds from the Placement will be applied towards general working capital, including accelerating the downstream project planning and further investigation of the Moly due to increasing interest in the material domestically.
The Placement Units and Placement CDI’s issued will rank equally with existing CDI’s and Common Shares on issue.
The closing of the CDI Placement is subject to receipt of all necessary regulatory approvals, including the acceptance by the TSX and ASX.
READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE.

The impact of regulatory changes on rating behaviour

Retrieved on:

Tuesday, April 2, 2024

Długosz, Disagreement, Pi bond, Direct lending, Key, Research Papers in Economics, Finance Secretary (India), University of Oxford, STS, Journal of Economic Perspectives, International, American Economic Review, Life, Columbia Business School, British Academy of Management, Risk assessment, ABS, Rating, EBA, Development, Reputational damage, OBS, CRA, Bond credit rating, Cras, Journal of Monetary Economics, CDO, Becker, Paper, 2007–2008 financial crisis, Raja, University, Environment, Journal of Financial Economics, Perception, H3, Website, Securitization, Working paper, Market, Collection, Total, European Banking Authority, Quarterly Journal of Economics, BBB, Whetten, Column, ESMA, European Journal, Issuer, Asset quality, Information revolution, Federal Reserve Bank, OLS, Statistics, PDF, Private, ECB, Surety, Weighted-average life, CCC, European Commission, Social science, Journal of Financial Stability, JEL, Real, Bias, Journal, Research, Classification, Certification, Commission, Credit, The Journal of Finance, Literature, Karel Škréta, European Central Bank, AA, Finance Research Letters, Origination (telephony), Monetary economics, Section 5, Xia, Kraft Foods, Government, AAA, Mukherjee, Finance, Deku, DOI, White, Risk, IOSCO, MBS, OECD, Wang, Section 4, University Challenge 2013–14, Section 3, Ashcraft, Financial management, Accounting, Financial economics, Fannie Mae, Conference, Pressure, Central bank, Griffin, University of Michigan, Systematic review, EPRS, Freddie Mac, Loan, BCBS, Palgrave Macmillan, R2, Microeconomics, Quarterly Journal, Financial statement analysis, The Japanese Economic Review, Christian Social Union (UK), Green, University of Huddersfield, PSM, Management, Security (finance), Security, Civil service commission, Private placement, American Economic Journal, GFC, Reproduction, IMF, Small business, Trustee, Data

Abstract

Key Points:

Abstract
We examine rating behaviour after the introduction of new regulations regarding Credit Rating
Agencies (CRAs) in the European securitisation market.
There is empirical evidence of rating catering in the securitisation market in the pre-GFC period (He et al.,
2012; Efing and Hau, 2015).
Competition among
CRAs could diminish ratings quality (Golan, Parlour, and Rajan, 2011) and promotes rating shopping by
issuers resulting in rating inflation (Bolton et al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition to the creation of
European Securities and Markets Authority (ESMA), a regulatory and supervisory body for CRAs was
introduced.
We examine how rating behaviours have changed in the European securitisation market after the
introduction of these new regulations.
We utilise the existence of multiple ratings and rating agreements between
CRAs to identify the existence of rating shopping and rating catering, respectively (Griffin et al., 2013; He
et al., 2012; 2016).
We find that the regulatory changes have been effective in tackling conflicts of interest between issuers
and CRAs in the structured finance market.
Rating catering, which is a direct consequence of issuer and
CRA collusion, seems to have disappeared after the introduction of these regulations.
There is empirical evidence of rating catering in the securitisation market in
the pre-GFC period (He et al., 2012; Efing and Hau, 2015).
Competition among CRAs could diminish ratings quality (Golan, Parlour,
and Rajan, 2011) and promotes rating shopping by issuers resulting in rating inflation (Bolton et
al., 2012).
This paper investigates the impact of the post-GFC regulatory changes in the European
securitisation market.
In 2011, in addition
to the creation of European Securities and Markets Authority (ESMA), a regulatory and
supervisory body for CRAs was introduced.
We find that the regulatory changes have been effective in tackling conflicts of interest
between issuers and CRAs in the structured finance market.
Rating catering, which is a direct
consequence of issuer and CRA collusion, seems to have disappeared after the introduction of
these regulations.
Investors who previously demanded higher spreads for rating agreements for a
multiple rated tranche, did not consider the effect of rating harmony as a risk in the post-GFC
period.
Regarding rating shopping, we find that the effectiveness of the changes has been limited,
potentially for two reasons.
Additionally, we also find that rating over-reliance might still be an issue, especially
Rating catering is a broad term and it can involve rating shopping.
They re-examine the rating shopping and rating
catering phenomena in the US market by looking at the post-crisis period between 2009 and 2013.
Using 622 CDO tranches, they also observe the existence of rating shopping and the diminishing
of the rating catering.
Firstly, our main focus is the EU?s CRA Regulation and its effectiveness in reducing
rating inflation and rating over-reliance.
To the best of our knowledge, this paper is the first to
examine the effectiveness of the EU?s CRA regulatory changes on the investors? perception of
rating inflation in the European ABS market.
Hence, the coverage and quality of our dataset constitutes significant addition
to the literature and allows us to test the rating shopping and rating catering more authoritatively.
The following section reviews the literature
on securitisation concerning CRAs and conflicts of interest, and outlines the regulatory changes
introduced in the post-GFC period.
Firstly, ratings became ever more important as the Securities and
Exchange Commission (SEC) 5 began heavily relying on CRA assessments for regulatory purposes
(i.e.
the investment mandates that highlight rating agencies as the main benchmark for investment
eligibility) (SEC, 2008; Kisgen and Strahan, 2010; Bolton et al., 2012).
issuers) as one of the main explanations for the rating inflation (He et al., 2011; 2012; Bolton
et al., 2012; Efing and Hau, 2015).
Bolton et al., (2012) demonstrate that competition
promotes rating shopping by issuers, leading to rating inflation.
The last phase, CRA III, was implemented in mid-2013 and involves an additional
set of measures on reducing transparency and rating over-reliance.
As mentioned above, rating inflation can be caused by rating shopping
In order to be eligible to use the STS classification, main parties (i.e.
The higher the difference in the number of ratings for a
given ABS tranche, the greater the risk of rating shopping.
Alternatively, the impact of the new
regulations could be limited when it comes to reducing rating shopping.
This is because, firstly,
the conflict of interest between securitisation parties is not necessarily the sole cause for the
occurrence of rating shopping.
L is a set of variables (Multiple ratings, CRA reported, Rating agreement) that
we utilise interchangeably to capture the rating shopping and rating catering behaviour.
Hence, issuers are incentivised to report the highest possible rating and
ensure each additional rating matches the desired level.
All in all, our results suggest that
the new stricter regulatory measures have been effective in tackling conflicts of interest and
reducing rating inflation caused by rating catering.
Self-selection might be a concern in analysing the impact of the
new measures and investors? response with regard to the rating inflation.
This
result is in line with the earlier findings suggesting that regulatory changes have reduced investors?
suspicion of rating inflation and increased trust of CRAs.
Conclusion
Several regulatory changes were introduced in Europe following the GFC aimed at tackling
conflicts of interest between issuers and CRAs in the ABS market.
Utilising a sample of 12,469
ABS issued between 1998 and 2018 in the European market, this paper examined whether these
changes have had any impact on rating inflations caused by rating shopping and rating catering
phenomena.
We find that the
effectiveness of the changes has been more limited on rating shopping potentially for two reasons.
Tranche Credit Rating is the rating reported for a tranche at launch.

Cielo Announces Closing of First Tranche of Private Placement of Convertible Debenture Units

Retrieved on:

Monday, March 11, 2024

CALGARY, Alberta, March 11, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a renewable fuel company leveraging market ready licensed technology to produce low carbon fuel from wood by-products, is pleased to announce the closing of the first tranche (“Tranche 1”) of its previously announced non-brokered private placement offering of unsecured convertible debenture units of the Company (collectively, the "Convertible Debenture Units") at a price of C $1,000 per Convertible Debenture Unit for aggregate gross proceeds of up to C $5,000,000 (the "Private Placement"). The Company anticipates that it will close subsequent tranches of the Private Placement in the coming weeks.

Key Points:

CALGARY, Alberta, March 11, 2024 (GLOBE NEWSWIRE) -- Cielo Waste Solutions Corp. (TSXV:CMC; OTCQB:CWSFF) (“Cielo” or the “Company”), a renewable fuel company leveraging market ready licensed technology to produce low carbon fuel from wood by-products, is pleased to announce the closing of the first tranche (“Tranche 1”) of its previously announced non-brokered private placement offering of unsecured convertible debenture units of the Company (collectively, the "Convertible Debenture Units") at a price of C $1,000 per Convertible Debenture Unit for aggregate gross proceeds of up to C $5,000,000 (the "Private Placement").
The Company anticipates that it will close subsequent tranches of the Private Placement in the coming weeks.
“The closing of this first tranche of our Private Placement represents a great start to reaching the targeted proceeds,” said Ryan Jackson, Cielo’s CEO.
Pursuant to the closing Tranche 1, the Company issued 560 Convertible Debenture Units for gross proceeds of C $560,000, consisting of 560 Convertible Debentures and 1,400,000 Warrants.

Pan American Closes First Tranche of Private Placement for Total Proceeds of C$900,000

Retrieved on:

Thursday, March 7, 2024

Lithium, Part, FRA, Sale, Private, National instrument, Private placement, Unit, Security (finance)

CALGARY, Alberta, March 07, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTCQB: PAANF) (FRA: SS60) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Private Placement”) for gross proceeds to the Company of C$898,749.88.

Key Points:

CALGARY, Alberta, March 07, 2024 (GLOBE NEWSWIRE) -- Pan American Energy Corp. (the “Company” or “Pan American”) (CSE: PNRG) (OTCQB: PAANF) (FRA: SS60) is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement financing (the “Private Placement”) for gross proceeds to the Company of C$898,749.88.
The Company intends to use the net proceeds of the Private Placement for general and administrative expenditures and to fund expenditures with respect to the Company’s Horizon Lithium Property.
Because the Private Placement is being completed pursuant to the LIFE Exemption, the securities issued to subscribers in the Private Placement are not subject to mandatory resale restrictions in accordance with applicable Canadian securities laws.
This offering document contains additional detail regarding the Private Placement, including additional detail regarding the expected use of proceeds from the Private Placement.

Applied Therapeutics Reports Fourth Quarter and Year-end 2023 Financial Results

Retrieved on:

Wednesday, March 6, 2024

The FDA also noted that it is planning to hold an advisory committee meeting to discuss the application.

Key Points:

The FDA also noted that it is planning to hold an advisory committee meeting to discuss the application.
Govorestat was previously granted Pediatric Rare Disease designation and will qualify for a Priority Review Voucher (PRV) upon approval.
The Company expects a decision by the EMA in the fourth quarter of 2024.
Full study results will be presented at an upcoming medical conference, along with results of the Diabetic Peripheral Neuropathy sub-study, which are still being analyzed.