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MINILUXE ANNOUNCES THE CONVERSION OF ALL ITS OUTSTANDING CONVERTIBLE DEBENTURES
With conversion of all outstanding convertible debentures at a 25% premium to market, MiniLuxe re...
About this update from Miniluxe Holding Corp.
[{"type":"text","content":"MINILUXE ANNOUNCES THE CONVERSION OF ALL ITS OUTSTANDING CONVERTIBLE DEBENTURESNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n\n\n\n\n With conversion of all outstanding convertible debentures at a 25% premium to market, MiniLuxe reduces debt on balance sheet by 30% percent netting a positive $2.7M (~$3.86M) capital-enhancing transaction\n \n\n\n\n\n\n\n Boston, MA, March 21, 2025 (GLOBE NEWSWIRE) -- MiniLuxe Holding Corp. (TSXV: MNLX) (“\n \n MiniLuxe\n \n ” or the “\n \n Company\n \n ”) today announces the successful completion of the previously announced and anticipated conversion of its convertible debentures (the “\n \n Debentures\n \n ”) following its recent\n \n\n oversubscribed private placement\n \n\n . Notably, the Company has finalized agreements to convert\n \n all\n \n outstanding Debentures at a deemed price of US$0.50, representing a ~25 percent premium to yesterday’s closing price of MNLX at CDN$0.56.\n \n\n\n\n With this conversion, MiniLuxe has eliminated all convertible debt, further strengthening its financial foundation and momentum. Overall, inclusive of a recent expansion of new investment of $1.675M from Flow Capital, overall debt on the Company’s balance sheet has been reduced by 30 percent.\n \n\n\n\n The Debentures will be converted into Subordinate Voting Shares of the Company at a deemed price of US$0.50 (~CDN$0.70) per share pursuant to debt settlement agreements with Debentureholders, with an effective conversion date of March 15, 2025. In this final round of conversions, the Company settled an aggregate of approximately USD$2.7 million (~CDN$3.86 million) of outstanding debt related to the principal and accrued but unpaid interest on the outstanding Debentures. This is in addition to USD$2,141,521 (~CDN$3 million) of principal and interest on Debentures converted in the first and second tranches of conversions, as previously announced on January 2, 2025, and February 25, 2025. Following this conversion, no Debentures of the Company will remain issued or outstanding.\n \n\n\n\n Alongside the Debenture conversions, an aggregate of 60,000 Subordinate Voting Shares will be issued to certain arm’s length non-management employees at a price of per share of US$0.50, in satisfaction of an ag...