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Invesque Inc. Announces Transformational Proposed Amendments to the Terms of its Convertible Unsecured Subordinated Debentures and the Exchange of its Preferred Shares for Common Shares
Invesque Inc. Announces Transformational Proposed Amendments to the Terms of its Convertible Unse...
About this update from Invesque Inc
[{"type":"text","content":"\n\n\n\n Invesque Inc. Announces Transformational Proposed Amendments to the Terms of its Convertible Unsecured Subordinated Debentures and the Exchange of its Preferred Shares for Common Shares\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 Sept. 17, 2024\n \n\n /CNW/ - Invesque Inc. (the \"\n \n Corporation\n \n \" or \"\n \n Invesque\n \n \") (TSX: IVQ) (TSX: IVQ.U) announced today that it will seek the approval of holders (the \"\n \n Debentureholders\n \n \") of its 7.00% Convertible Unsecured Subordinated Debentures due\n \n January 31, 2025\n \n , of which\n \n US$24,850,000\n \n aggregate principal amount is currently outstanding (the \"\n \n 2025 Debentures\n \n \"), (TSX: IVQ.DB.U) and its 8.75% Convertible Unsecured Subordinated Debentures due\n \n September 30, 2026\n \n , of which\n \n US$43,415,000\n \n aggregate principal amount is currently outstanding (the \"\n \n 2026 Debentures\n \n \") (TSX: IVQ.DB.V) (together the \"\n \n Debentures\n \n \"), to amend the terms of the indentures governing the Debentures at meetings of holders of each of the 2025 Debentures and 2026 Debentures. Meeting details will be made available at a later date.\n \n\n The proposed amendments to the indenture governing the 2025 Debentures, if approved by the Debentureholders, will:\n \n\n\n ADD a covenant that the outstanding principal amount of the 2025 Debentures, plus interest accrued thereon, will be exchanged on a date specified by the Corporation, which date shall be on or before\n \n January 31, 2025\n \n , for\n \n a. a pro rata interest of new unsecured subordinated debentures (\"\n \n Amended Debentures\n \n \") that will have an aggregate principal amount of\n \n US$9,938,000\n \n ; and\n \n b. 39,164,705 common shares of the Corporation (\"\n \n Common Shares\n \n \") having an aggregate value equal to\n \n US$6,658,000\n \n based on a price per Common Share of\n \n US$0.17\n \n , which is equal to a 15% premium to the 15-day volume weighted average price (\"\n \n VWAP\n \n \") of the Common Shares...