Business
KDA Group Announces Debt Restructuring with Persistence Capital Partners
(TheNewswire) Thetford Mines, Q C - TheNewswire - May 5, 2023 - ...
About this update from Kda Group Inc.
[{"type":"text","content":"KDA Group Announces Debt Restructuring with Persistence Capital Partners\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Thetford Mines, Q\n \n \n C\n \n \n -\n \n \n TheNewswire -\n \n \n May 5, 2023\n \n \n \n \n -\n \n \n KDA Group Inc.\n \n \n (TSXV:KDA)\n \n \n (“\n \n \n KDA\n \n \n ” or the\n“\n \n \n Corporation\n \n \n ”) is pleased to announce the restructuring, as of May 4,\n2023, of its total debt owed to Persistence Capital Partners II, L.P.\nand Persistence Capital Partners II (International), L.P.,\n(collectively “\n \n \n PCP\n \n \n ”).\n \n \n \n \n Following the closing of the sale of the\nCorporation’s pharmacist and pharmacy technical assistant placement\nagency activities previously announced on May 4, 2023, KDA concluded,\nas of yesterday, a debt restructuring with PCP according to\nwhich:\n \n \n \n \n \n \n KDA\n \n \n executed a partial repayment\nof $3,000,000 of the accrued amounts owing to PCP\n \n \n \n \n \n \n KDA and PCP\n \n \n entered into share\nexchange agreements according to which the 4,000,000 Series B-1\nPreferred Shares and 2,886,819 Series B-2 Preferred Shares held by\nPCP (the “\n \n \n Exchanged\nPreferred Shares\n \n \n ”) have been exchanged for\n1,461,000 Series B-3 Preferred Shares (the “\n \n \n New Series B-3 Preferred Shares\n \n \n ”). Among others, the New Series B-3 Preferred Shares held\nby PCP have similar rights to the Exchanged Preferred Shares regarding\nvoting and dividends, include a “step-up” feature with respect to\ntheir liquidation entitlement and are not convertible into common\nshares of the Corporation.\n \n \n \n \n \n \n KDA and PCP signed a payment agreement and related\ndocuments allowing the Corporation to extend the maturity date of the\nnotes held by PCP and the New Series B-3 Preferred Shares until\nDecember 31, 2023.\n \n \n \n \n \n \n “KDA’s management is proud to have found common\nground with PCP to conclude this restructuring of PCP’s total debt.\nThis allows the Corporation to improve its current and future\nfinancial position, and I would like to thank PCP for their\ncollaboration,” said Marc Lemieux, Chief Executive Officer of\nKDA.\n \n \n \n \n ABOUT KDA GROUP\n \n \n \n \n KDA Group is a leader i...