Business
Tiny Announces Completion of Refinancing, Closing of Private Placement of $36.1 Million Principal Amount of Convertible Debentures and Conversion of Subscription Receipts
Victoria, British Columbia--(Newsfile Corp. - May 12, 2025) - Tiny Ltd. (TSXV: TINY) (" Tiny " or...
About this update from Tiny Ltd. Class A
[{"type":"text","content":"Tiny Announces Completion of Refinancing, Closing of Private Placement of $36.1 Million Principal Amount of Convertible Debentures and Conversion of Subscription ReceiptsVictoria, British Columbia--(Newsfile Corp. - May 12, 2025) - Tiny Ltd. (TSXV: TINY) (\"Tiny\" or the \"Company\"), a Canadian technology holding company that acquires wonderful businesses for the long term, announced today that it has completed a refinancing with Roynat Capital Technology and Innovation Banking and has closed its previously announced private placement offering (the \"Private Placement\") of $36,100,000 aggregate principal amount of 11% secured convertible debentures due 2030, which includes $1,500,000 aggregate principal amount of Convertible Debentures comprising a partial exercise of over-allotment option (the \"Convertible Debentures\").In connection with the refinancing, the Company has entered into a commitment letter with the Bank of Nova Scotia pursuant to which the Company will have access to an operating credit facility up to a maximum of $5,000,000 (the \"Operating Facility\") and a revolving facility up to a maximum of $25,000,000 (the \"Revolving Facility\" and, together with the Operating Facility, the \"Credit Facilities\"), although the available borrowing under the Credit Facilities is currently limited to $20,000,000 in aggregate under the Convertible Debenture covenants. The Credit Facilities will be secured by substantially all of the assets of the Company and certain subsidiaries of the Company, as further described below. In connection with the completion of the Private Placement, the Convertible Debentures were issued with an original issue discount of 7.5% for aggregate gross proceeds to the Company of $33,392,500. Each Convertible Debenture has a face value of $1,000 and was offered and sold at a price of $925 per Convertible Debenture. The Convertible Debentures will bear interest at a rate of 11.00% per annum from May 12, 2025 (the \"Closing Date\") and will mature on May 12, 2030 (the \"Maturity Date\"). On the Maturity Date, any outstanding principal amount of the Convertible Debentures plus any accrued and unpaid interest will be repaid by the Company in cash.In connection with the closing of the Private Placement and the refinancing, the escrow release conditions in respect of the subscription receipts issued in co...