Business
Big Rock Brewery Inc. Closing of Private Placement and Debt Settlement
Big Rock Brewery Inc. Closing of Private Placement and Debt Settlement Canada NewsWire ...
About this update from Big Rock Brewery Inc.
[{"type":"text","content":"\n\n\n\n Big Rock Brewery Inc. Closing of Private Placement and Debt Settlement\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n /\n \n NOT FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n OR FOR DISTRIBUTION TO\n \n UNITED STATES\n \n WIRE SERVICES\n \n /\n \n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Jan. 21, 2025\n \n\n /CNW/ -\n \n Big Rock Brewery Inc.\n \n (TSX: BR) (\"\n \n Big Rock\n \n \" or the \"\n \n Corporation\n \n \") is pleased to announce the closing of its previously announced settlement (the \"\n \n Debt Settlement\n \n \") of all indebtedness and liabilities owing by the Corporation to VN Capital Fund I, LP (\"\n \n VN Capital\n \n \"), being the Corporation's lender under its second lien term facility (the \"\n \n Second Lien Facility\n \n \"). Big Rock is also pleased to announce the closing of its concurrent private placement (the \"\n \n Private Placement\n \n \") of common shares in the capital of the Corporation (\"\n \n Common Shares\n \n \") at a price of\n \n $1.00\n \n per Common Share for gross proceeds of\n \n $8,400,000\n \n .\n \n\n\n\n\n\n\n\n\n The Private Placement, together with the Debt Settlement, provide Big Rock with immediate financial stability as the completion of these transactions allows Big Rock to address its significant working capital deficiency, settle all amounts owing under the Second Lien Facility and provide operating capital to Big Rock, allowing Big Rock to continue as a going concern.\n \n\n \"We are grateful and appreciative of the overwhelming support that we have received, from our current shareholders such as VN Capital and the McNally family, our Senior Leadership Team and our new shareholders. We believe that the strong demand for the Private Placement, which resulted in an upsizing of the Private Placement, is a reflection of the belief in our new management team, our board, our people and our business.\n \n\n Closing of the transactions is critical for the future growth of our business as the transactions allow us to:\n \n\n\n pr...