Business
Crown Capital Announces Amendment to Credit Facility, Closing of Private Placement Offering of Units and Appointment of New Director
Crown Capital Announces Amendment to Credit Facility, Closing of Private Placement Offering of Un...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n \n \n \n Crown Capital Announces Amendment to Credit Facility, Closing of Private Placement Offering of Units and Appointment of New Director\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 29, 2023\n \n \n /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRWN) today announces that it has entered into an agreement with Canadian Western Bank (\"CWB\") which amends the terms of the Corporation's credit facility with CWB as follows: (i) reducing the maximum amount of the Corporation's operating loan limit from\n \n $10,000,000\n \n to\n \n $5,000,000\n \n ; (ii) providing for the operating loan limit to be calculated with the inclusion of\n \n $2,130,000\n \n on a non-margined basis until\n \n February 29, 2024\n \n , which effectively provides\n \n $2,130,000\n \n in additional funding to the Corporation until\n \n February 29, 2024\n \n ; and (iii) grants CWB additional security on two real estate properties owned by the Corporation in\n \n Ontario\n \n . Crown will continue to present the outstanding balance of its credit facility with CWB as a current liability as at\n \n December 31, 2023\n \n .\n \n \n In addition, the Corporation announces that it has completed a non-brokered private placement offering (the \"Offering\") of 1,500 units of the Corporation (\"Units\") at a price of\n \n $980\n \n per Unit for gross proceeds of\n \n $1,470,000\n \n . Each Unit is comprised of one 10% redeemable secured subordinated debenture of the Corporation (each a \"Debenture\") in the principal amount of\n \n $1,000\n \n due\n \n June 30, 2025\n \n (the \"Maturity Date\") and 50 common share (\"Share\") purchase warrants of the Corporation (each a \"Warrant\"). Each Warrant entitles the subscriber to purchase one Share at an exercise price of\n \n $7.00\n \n per Share, subject to adjustment in certain events, at any time on or before the date that is 36 months from the date of issuance of the Warrant.\n \n \n The net proceeds received by the Corporation from the Offerin...