Business
MINILUXE ANNOUNCES USD $3.675M (~CDN $5.30M) OF CAPITAL ENHANCING TRANSACTIONS INCLUDING NEW INVESTMENT FROM FLOW CAPITAL
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Miniluxe Holding Corp.
[{"type":"text","content":"MINILUXE ANNOUNCES USD $3.675M (~CDN $5.30M) OF CAPITAL ENHANCING TRANSACTIONS INCLUDING NEW INVESTMENT FROM FLOW CAPITALCompany further enhances its cash on hand with the refinancing of existing term debt while receiving agreements to convert ~ new incremental infusion of US$1.675M (~CDN$2.4M of financing)\n\n\n\n\n NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR\n \n\n FOR DISSEMINATION IN THE UNITED STATES\n \n\n\n\n\n\n Boston, MA, March 11, 2025 (GLOBE NEWSWIRE) --\n \n MiniLuxe Holding Corp. (TSXV:MNLX) (“\n \n MiniLuxe\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it continues to build off of its\n \n\n recent momentum of performance and capital enhancing transactions\n \n\n with the concurrent refinancing of existing term debt and a new infusion of USD $1.675M (~CDN $2.4M). The refinancing benefits the Company with both incremental capital in the form of a non-amortizing loan (allowing of greater flexible use of the capital) and an extension of the maturity date of all existing loans from Flow Capital to mature alongside this new investment tranche in 2028. Additionally, the Company has agreements in place for the retirement and conversion of ~USD $2.0M (~$2.9M) in convertible notes into equity through shares for debt issuance at a price of USD$0.50. The Company anticipates that the vast majority of its outstanding convertible note holders to be taking an option to convert into equity, and, accordingly, it plans to file imminently with the TSX Venture Exchange for approval of such conversions and will follow such filing with another press release (further details below).\n \n\n\n\n The Company is also pleased to announce that Flow Capital Corporation (TSXV:FW) (“Flow Capital”), a leading provider of flexible growth capital and alternative debt solutions, has completed a follow-on investment of $1.675M USD from its initial term debt investment of $2.5M USD in 2021 and additional $2M USD follow-on in April 2024. The refinancing benefits the Company with incremental capital in the form of a non-amortizing loan, allowing for flexible use of the capital and an extension of the maturity date of the initial debt investment by Flow Capital to 2028. As part of the transaction the Company will be issuing to Flow Capital warrants to purchase 2,761,85...