Advantex Announces Completion of Financing and Extension of Maturity Date of Previously Issued Debentures
TORONTO--(BUSINESS WIRE)--Mar 16, 2021--
Advantex Marketing International Inc. (CSE: ADX) (“ Advantex ”), a leader in the merchant cash advance and loyalty marketing products for merchants, today announced the completion of the financing by way of senior secured non-convertible debentures previously announced on February 25, 2021. The Financing was conducted in accordance with the terms of the partial revocation order issued by the Ontario Securities Commission on February 25, 2021, partially revoking the failure-to-file cease trade order issued against Advantex on November 1, 2019 (the “ FFCTO ”).
Advantex issued $250,000 worth of senior secured non-convertible debentures (the “ Financing ”) which bear an interest rate at 9% per annum and are maturing on December 31, 2025 (the “ New Debentures ”). The New Debentures are on the same terms and rank pari passu with the existing senior secured non-convertible debentures (“ Existing Debentures ”) bearing interest at 9% per annum. The holders of the Existing Debentures have also agreed to extend the Maturity Date of the Existing Debentures from December 31, 2021 to December 31, 2025.
The proceeds of the Financing will be used to pay for: (i) the preparation and filing of the outstanding continuous disclosure documents and late filing fees with the applicable regulatory authorities; (ii) legal expenses incurred in connection with the Partial Revocation Order, the revocation of the FFCTO and the Financing; (iii) operational and general administrative expenses; (iv) payment of accounts payable incurred in the ordinary course of business; and (v) partial funding of its Merchant Cash Advance business as public health restrictions are gradually eased in Canada. Once those filings have been completed, Advantex will apply for a full revocation of the FFCTO.
About Advantex Marketing International Inc.
Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.
Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex’s profile on www.sedar.com
This news release contains “forward-looking statements” within the meaning of applicable securities laws relating to the future business and operations of Advantex. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described herein is dependent on a number of factors and is subject to a number of risks and uncertainties. Factors that could cause actual results to differ material include, but are not limited to, changes in Advantex’s economic and competitive conditions including but not limited to the industry sectors in which Advantex operates.
The statements in this news release are made of the date of this release. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210316006068/en/
CONTACT: For further information please contact:
Vice-President and Chief Financial Officer
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: FINANCE AIR TRANSPORT MARKETING ADVERTISING COMMUNICATIONS PROFESSIONAL SERVICES TRANSPORTATION TRAVEL
SOURCE: Advantex Marketing International Inc.
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PUB: 03/16/2021 05:10 PM/DISC: 03/16/2021 05:10 PM