Invesque Inc. Announces Approval of Amendments to the Terms of its 6.00% 2018 Convertible Debentures Due September 30, 2023

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[{"type":"text","content":"\n \n \n \n Invesque Inc. Announces Approval of Amendments to the Terms of its 6.00% 2018 Convertible Debentures Due September 30, 2023\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 TORONTO\n \n \n ,\n \n \n May 23, 2023\n \n \n /CNW/ - Invesque Inc. (the \"\n \n Corporation\n \n \" or \"\n \n Invesque\n \n \") (TSX: IVQ) (TSX: IVQ.U) is pleased to announce that holders (the \"\n \n Debentureholders\n \n \") of its 6.00% 2018 Convertible Debentures due\n \n September 30, 2023\n \n (TSX: IVQ.DB.V) (the \"\n \n Debentures\n \n \") passed an extraordinary resolution approving certain amendments to the Debentures (the \"\n \n Amendments\n \n \") at a meeting of Debentureholders held today (the \"\n \n Meeting\n \n \"). The Amendments to the Debentures will result in:\n \n \n \n \n INCREASING the underlying interest rate from 6.00% to 8.75%, effective\n \n September 30, 2023\n \n ;\n \n \n \n \n DECREASING the conversion price from\n \n US$10.70\n \n to\n \n US$2.75\n \n per share of Invesque;\n \n \n \n \n EXTENDING the maturity date from\n \n September 30, 2023\n \n to\n \n September 30, 2026\n \n ; and\n \n \n \n \n REDEEMING, on a pro rata basis,\n \n US$22,000,000\n \n (representing approximately 46%) of the principal amount of the Debentures outstanding, plus accrued and unpaid interest thereon to, but excluding, the date of the redemption, which will occur on\n \n September 30, 2023\n \n .\n \n \n \n \n The Amendments were overwhelmingly approved by approximately 99.9% of the principal amount of the Debentures voted (either in person at the Meeting or by proxy).\n \n \n \"We are very pleased with the response from Debentureholders who voted in favor of the amendments and very much appreciate the continued support of Debentureholders, investors, and stakeholders throughout this process,\" said\n \n Scott White\n \n , Invesque's Chairman and Chief Executive Officer. \"We have made considerable progress pruning our portfolio over the last 24 months, and believe that we are well equipped to benefit from the increased d...

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