Business
Olive Resource Capital Provides an Update on Black Sheep Ventures Convertible Debenture and Other Investments
Toronto, Ontario--(Newsfile Corp. - April 28, 2023) - Olive Resource Capital Inc. (TSXV: OC) ( "O...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"Olive Resource Capital Provides an Update on Black Sheep Ventures Convertible Debenture and Other InvestmentsToronto, Ontario--(Newsfile Corp. - April 28, 2023) - Olive Resource Capital Inc. (TSXV: OC) (\"Olive\" or the \"Company\") is pleased to announce that it partially converted and extended the convertible debenture investment it holds in Black Sheep Ventures Inc. (\"Black Sheep\").Samuel Pelaez, the Company's President, CEO, CIO and Director, stated: \"We are pleased with the progress Black Sheep has made in growing its business and believe that our continued exposure both as a convertible debenture and a large shareholder will add long-term value for Olive shareholders. Management has delivered on the strategic growth plans, and we remain supportive of their initiatives to continue advancing Black Sheep.\" BLACK SHEEP VENTURES CONVERTIBLE DEBENTURE UPDATEOlive has entered into an agreement with Black Sheep to partially convert and extend its convertible debentures. A summary of the transaction is as follows:C$200,000 of principal has been converted to shares at C$0.65/share, providing Olive 307,692 shares of Black Sheep;Accrued interest of C$91,000 has been converted to shares (as per the prior debenture agreement) at C$0.50/share providing Olive 182,000 shares of Black Sheep;A new convertible debenture has been issued to Olive for C$500,000 with an interest rate of 8% (previous debenture 6.5%) and is convertible at C$0.65/share. Interest is payable in cash;The new debenture expires April 27, 2025.Cathy Butler, co-founder of Black Sheep, stated: \"We are pleased that Olive has converted $200,000 of their debenture to equity in addition to extending the term for two years on the balance. This is a real vote of confidence by Olive in Black Sheep and our future plans. Olive is an excellent partner, and the principals continue to provide strategic support and ideas.\"Based on Black Sheep's last financing of C$1.00 per share, Olive values its combined share position and the convertible debenture at C$1,258,922. This value is unchanged from Olive's March 31, 2023 unaudited NAVPS announcement.ABOUT BLACK SHEEP VENTURESBlack Sheep was founded in late 2020 by experienced financial and real estate professionals to build a portfolio of cash flow generating real estate assets by acquiring, developing, optimizing, and consolidating se...