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Snakes & Lattes Inc. Negotiates Cash Purchase Of One Of The Last Remaining Convertible Notes
Snakes & Lattes Inc. Negotiates Cash Purchase Of One Of The Last Remaining Convertible Notes.
About this update from Amfil Technologies Inc.
[{"type":"text","content":"Snakes & Lattes Inc. / Amfil Technologies Inc. (OTC:FUNN) is pleased to announce the following update to the shareholders and investment community.Keeping in line with the previously announced plan of looking to extinguish the last of the remaining few convertible notes on the books, combined with other previous debt reduction initiatives, with over $2 million dollars being removed from the Company balance sheet last year, the Company is now pleased to announce that it has purchased one of the final five (5) remaining convertible debt notes which dates back to 2019. This was in regards to the expansion into the second Arizona location.Completed in an all-cash deal at a significant discount to its current face value which included all original principal and accumulated interest to date, this note buyback was done on very favorable terms to the Company.The note was at a fixed price, the same as any note the Company has ever written. This represented a possible conversion price at almost a 700% premium from the current market trading price of the Company today, this move was seen to be in the best interests of the Company and all shareholders. Not only does it remove a significant amount of prior capital raised for expansion, it also removes any possible situations where potential future conversions could have occurred.Out of the first of many positive actions having been taken, and announcements to come shortly in the near future, the Company has been positioning itself for its move forward on a large scale. Keeping into consideration that the Company has not raised any money using convertible debt instruments in over the past four years, and conversions of prior debt in recent years past were done at premiums as high as over 4500% to the current market valuation price, the end result is that this buyback and cancellation represents a reduction and cancellation of 22.2% of the remaining notes. This purchased, and now retired note, pertained to the Snakes & Lattes ‘Tucson’ build out of the second (2) Company location in Arizona constructed in 2019. Therefore, with only four outstanding notes remaining, all of which are prior to 2021, the Company intends to also repurchase and retire all of them.Furthermore, current negotiations seem to be at the point where all four of the remaining convertible notes will also be ...