Latest news with #ConvertibleDebentures
Yahoo
7 days ago
- Business
- Yahoo
Early Warning Report Issued Pursuant to National Instrument 62-103 in Connection with the Closing of the Private Placement of NXT Energy Solutions Inc
Calgary, Alberta--(Newsfile Corp. - May 30, 2025) - Ataraxia Capital ("Ataraxia"), announces that it has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 — The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the conversion ("Conversion") of US$2,300,000 secured convertible debentures ("Convertible Debentures") of NXT Energy Solutions Inc. (the "Company") into common shares ("Shares") of the Company. Ataraxia had acquired Convertible Debentures pursuant to private placements (the "Private Placements") conducted on (i) May 31, 2023 in respect of US$1,200,000 principal amount of Convertible Debentures having a conversion price of US$0.143 per Share, (ii) July 10, 2023 in respect of US$200,000 principal amount of Convertible Debentures having a conversion price of US$0.143 per Share, (iii) October 30, 2024 in respect of US$500,000 principal amount of Convertible Debentures having a conversion price of US$0.24 per Share, and (iv) November 12, 2024 in respect of US$400,000 principal amount of Convertible Debentures having a conversion price of US$0.24 per Share. Immediately prior to the Conversion, Ataraxia did not hold any Shares, but assuming conversion of all of the Convertible Debentures, Ataraxia would have held 13,540,208 Shares of the Company representing 14.6% of the outstanding Shares. Accordingly, upon completion of the Conversion, Ataraxia now holds 13,540,208 Shares representing 14.6% of the outstanding Shares. Ataraxia has the right to nominate one (1) director to the board of the Company so long as Ataraxia holds at least 5% of the Shares. Ataraxia may acquire additional securities of the Company, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position, depending on market conditions and other relevant factors. A copy of the Early Warning Report filed by Ataraxia will be available under the Company's profile on SEDAR+ at Contact Information Ataraxia CapitalDr. Daere Akobo Phone: +234 9060005335 To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Galleon Gold Announces Results of Annual Meeting of Shareholders and Interest Payment on Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - May 27, 2025) - Galleon Gold Corp. (TSXV: GGO) (FSE: 3H90) (the "Company" or "Galleon Gold") is pleased to announce that, all of the resolutions put forth at the Annual and Special Meeting of Shareholders (the "Meeting") held on May 27, 2025 were approved. At the Meeting, shareholders elected the following directors to hold office for the ensuing year: R. David Russell, Thomas Kofman, James T. O'Neil Jr., Mario Colantonio, Gerhard Merkel, Michael Hobart and Richard F. Nanna. Shareholders also approved resolutions to re-appoint Doane Grant Thornton LLP as independent auditors of the Company and for the continuation of the stock option plan. Issuance of Shares for Interest Payment on Convertible Debentures The Company also reports that further to its news release of April 30, 2025, under the terms of the convertible debentures (the "Convertible Debentures") issued on April 12, 2024, April 19, 2024 and April 29, 2024 (see news releases dated April 12, 19, 29, 2024) it has satisfied its obligation to pay an aggregate of $154,204.65 interest accrued by issuing 601,207 common shares (the "Common Shares") to the holders of the Convertible Debentures. The Common Shares to be issued in respect of the Interest Payment will be subject to a hold period of four months and one day ending September 30, 2025. The Company has received the final acceptance of the TSXV. Certain insiders and officers of the Company are holders of Convertible Debentures. As a result, the issuance of Common Shares is considered to be a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance of Common Shares in respect of these individuals is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the debt, nor the fair market value of the Common Shares to be issued in settlement of the debt, exceeds 25% of the Company's market capitalization. Canadian Mining Expo in Timmins The Company will be attending the Canadian Mining Expo (CME) in Timmins, Ontario from June 4 to June 5, 2025, at the McIntyre Complex. Please drop by the booth if you are attending the conference. About Galleon Gold Galleon Gold is an advanced exploration and development company focused on the West Cache Gold Project in Timmins, Ontario. The West Cache Gold Project is located 7 km northeast of Pan American Silver's Timmins West Mine and 14 km southwest of Newmont's Hollinger Mine. The Company's Closure Plan for an 86,500-tonne underground bulk sample has been accepted and initial work at the Project site has begun. For further information:Galleon Gold R. David RussellChairman and CEOT. (416) 644-0066info@ Forward-Looking Statements This news release contains certain "forward looking statements", as defined under applicable Canadian securities laws, that reflect the current views and/or expectations of Galleon Gold with respect to its long-term strategy, proposed work, plans, bulk sample program and other reports including the PEA for its projects. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions and uncertainty of access to additional capital, risks inherent in mineral exploration, delays in the receipt of government approvals, risks associated with development, construction, mining operations and third party contractor activities, risks related to unanticipated events related to health, safety and environmental matters. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Exro Announces US$30 Million Credit Facility, Plan to Seek Debentureholder Consent, and Strategic Review Process
CALGARY, AB, May 16, 2025 /PRNewswire/ - Exro Technologies Inc. (TSX: EXRO) ("Exro" or the "Company"), a leading clean technology company specializing in power control solutions for electric vehicles and energy storage, is pleased to announce a funding commitment from a long-term institutional shareholder (the "Lender") to provide up to US$30 million pursuant to a senior secured loan facility (the "Facility"). The proceeds of the Facility will enable Exro to maintain operations and execute its business plan while advancing a strategic review process supported by an independent strategic advisor (the "Strategic Advisor") who has been retained by the Company. The review is intended to evaluate a range of outcomes including strategic partnerships, capital restructuring, M&A opportunities, and other corporate transactions. The Facility The Facility is a secured, non-revolving, multiple-draw credit facility. Highlights include: Facility Size: Up to US$30 million Disbursements: Funds will be advanced in milestone-based tranches, with the initial tranche of US$2 million expected to be advanced on May 20, 2025. Milestones are set out below. Convertible Debenture Condition: A condition of the second milestone-based tranche is that the Company shall have either (1) obtained a postponement of security from a requisite majority of debentures issued pursuant to an indenture dated December 30, 2022 (the "Convertible Debentures"), or (2) issued a redemption notice pursuant to which the Convertible Debentures would be redeemed in exchange for shares. Use of Proceeds: Working capital, implementation of the strategic plan, and retention of advisors and legal support. Non-Convertible: The facility is not convertible into equity. Warrants: Subject to receipt of TSX approval, the Lender will be issued warrants to purchase up to 75 million common shares at a nominal price. Milestones The milestones for advances under the Facility are as follows; Milestones 1 – funds to be advanced no earlier than June 6, 2024 May 20, 2025 Establish initial operating plan for the Company acceptable to the Lender Establish initial 13 week Cash Flow acceptable to the Lender May 30, 2025 Engagement Letter(s) executed by Exro with such external advisors recommended by the Strategic Advisor and acceptable to the Lender June 3, 2025 Holders of the Convertible Debentures consent to the postponement of security in favour of the Interim Lender or notices of redemption issued in respect of the Convertible Debentures Milestones 2 – funds to be advanced no earlier than July 15, 2025 June 15, 2025 Execution of operating plan by Exro acceptable to the Lender July 1, 2025 If not otherwise postponed to the Interim Lender per the terms of the Facility, conclusion of the redemption of the Convertible Debentures and issuance of common shares in the capital of Exro in payment thereof. July 15, 2025 Evidence of active engagement with at least three (3) credible strategic partners in accordance with operating plan, as assessed by the Strategic Advisor Milestone 3 – funds to be advanced no earlier than September 30, 2025 July 15, 2025 Execution of operating plan by Exro in a manner acceptable to the Lender Sept 1, 2025 Execution of definitive contract(s) with credible strategic partners in accordance with operating plan, as assessed by the Strategic Advisor Debentureholder Consent Exro has C$15 million of senior secured Convertible Debentures outstanding, with a first lien over substantially all of the Company's assets. Exro also has senior secured notes (the "Notes") outstanding, secured by substantially all of the Company's assets but subordinate to the Convertible Debentures. The Company intends to solicit a postponement of security from a requisite majority of the Convertible Debentures. The postponement of security, if obtained, would result in: the Facility and the Notes being secured by a first lien; and the Convertible Debentures being secured by a second lien. In the alternative, the Company has the contractual right (subject to TSX approval) to redeem the Convertible Debentures for shares. Pursuant to the Indenture, the redemption price is equal to 105% of par value plus 100% of accrued interest, with consideration being common shares issued at a share price based on the 5-day volume weighted average price of the shares for the five business days preceeding issuance of the redemption notice. Strategic Wind-Down of APAC Subsidiary As part of its focus on core markets and capital efficiency, Exro has initiated an orderly wind-down of its Australia-based subsidiary. Legal counsel has been retained, and the Company is working to resolve all lease, employment, and regulatory matters. This strategic decision supports the Company's ongoing focus on cost reductions and reallocation of resources to high-impact markets with stronger commercial traction and more efficient capital deployment. Looking Ahead Exro is entering a pivotal phase with the financial flexibility and strategic lens to evaluate a range of opportunities that align with its core technology and market focus. The ongoing strategic process is designed to unlock value—whether through partnerships, transactions, or focused execution on high-impact initiatives. With strengthened capital backing and a clear mandate, Exro remains committed to pursuing the best path forward for its shareholders. ABOUT EXRO TECHNOLOGIES INC. Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information visit our website at To view our Corporate Presentation visit us at Visit us on social media @exrotech. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of Canada and available at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release. View original content to download multimedia: SOURCE Exro Technologies Inc.
Cision Canada
16-05-2025
- Business
- Cision Canada
Exro Announces US$30 Million Credit Facility, Plan to Seek Debentureholder Consent, and Strategic Review Process
CALGARY, AB, May 16, 2025 /CNW/ - Exro Technologies Inc. (TSX: EXRO) (" Exro" or the " Company"), a leading clean technology company specializing in power control solutions for electric vehicles and energy storage, is pleased to announce a funding commitment from a long-term institutional shareholder (the " Lender") to provide up to US$30 million pursuant to a senior secured loan facility (the " Facility"). The proceeds of the Facility will enable Exro to maintain operations and execute its business plan while advancing a strategic review process supported by an independent strategic advisor (the " Strategic Advisor") who has been retained by the Company. The review is intended to evaluate a range of outcomes including strategic partnerships, capital restructuring, M&A opportunities, and other corporate transactions. The Facility The Facility is a secured, non-revolving, multiple-draw credit facility. Highlights include: Facility Size: Up to US$30 million Disbursements: Funds will be advanced in milestone-based tranches, with the initial tranche of US$2 million expected to be advanced on May 20, 2025. Milestones are set out below. Convertible Debenture Condition: A condition of the second milestone-based tranche is that the Company shall have either (1) obtained a postponement of security from a requisite majority of debentures issued pursuant to an indenture dated December 30, 2022 (the " Convertible Debentures"), or (2) issued a redemption notice pursuant to which the Convertible Debentures would be redeemed in exchange for shares. Use of Proceeds: Working capital, implementation of the strategic plan, and retention of advisors and legal support. Non-Convertible: The facility is not convertible into equity. Warrants: Subject to receipt of TSX approval, the Lender will be issued warrants to purchase up to 75 million common shares at a nominal price. Milestones The milestones for advances under the Facility are as follows; Milestones 1 – funds to be advanced no earlier than June 6, 2024 May 20, 2025 Establish initial operating plan for the Company acceptable to the Lender Establish initial 13 week Cash Flow acceptable to the Lender May 30, 2025 Engagement Letter(s) executed by Exro with such external advisors recommended by the Strategic Advisor and acceptable to the Lender June 3, 2025 Holders of the Convertible Debentures consent to the postponement of security in favour of the Interim Lender or notices of redemption issued in respect of the Convertible Debentures Milestones 2 – funds to be advanced no earlier than July 15, 2025 June 15, 2025 Execution of operating plan by Exro acceptable to the Lender July 1, 2025 If not otherwise postponed to the Interim Lender per the terms of the Facility, conclusion of the redemption of the Convertible Debentures and issuance of common shares in the capital of Exro in payment thereof. July 15, 2025 Evidence of active engagement with at least three (3) credible strategic partners in accordance with operating plan, as assessed by the Strategic Advisor Milestone 3 – funds to be advanced no earlier than September 30, 2025 July 15, 2025 Execution of operating plan by Exro in a manner acceptable to the Lender Sept 1, 2025 Execution of definitive contract(s) with credible strategic partners in accordance with operating plan, as assessed by the Strategic Advisor Debentureholder Consent Exro has C$15 million of senior secured Convertible Debentures outstanding, with a first lien over substantially all of the Company's assets. Exro also has senior secured notes (the " Notes") outstanding, secured by substantially all of the Company's assets but subordinate to the Convertible Debentures. The Company intends to solicit a postponement of security from a requisite majority of the Convertible Debentures. The postponement of security, if obtained, would result in: the Facility and the Notes being secured by a first lien; and the Convertible Debentures being secured by a second lien. In the alternative, the Company has the contractual right (subject to TSX approval) to redeem the Convertible Debentures for shares. Pursuant to the Indenture, the redemption price is equal to 105% of par value plus 100% of accrued interest, with consideration being common shares issued at a share price based on the 5-day volume weighted average price of the shares for the five business days preceeding issuance of the redemption notice. Strategic Wind-Down of APAC Subsidiary As part of its focus on core markets and capital efficiency, Exro has initiated an orderly wind-down of its Australia-based subsidiary. Legal counsel has been retained, and the Company is working to resolve all lease, employment, and regulatory matters. This strategic decision supports the Company's ongoing focus on cost reductions and reallocation of resources to high-impact markets with stronger commercial traction and more efficient capital deployment. Looking Ahead Exro is entering a pivotal phase with the financial flexibility and strategic lens to evaluate a range of opportunities that align with its core technology and market focus. The ongoing strategic process is designed to unlock value—whether through partnerships, transactions, or focused execution on high-impact initiatives. With strengthened capital backing and a clear mandate, Exro remains committed to pursuing the best path forward for its shareholders. ABOUT EXRO TECHNOLOGIES INC. Exro Technologies Inc., now expanded through the strategic acquisition of SEA Electric, is a leading clean technology company that has developed new-generation power control electronics. Its innovative suite of solutions, including Coil Driver™, Cell Driver™, and SEA-Drive®, expand the capabilities of electric motors and batteries and offer OEMs a comprehensive e-propulsion solution with unmatched performance and efficiency. Exro is reshaping global energy consumption, accelerating adoption towards a circular electrified economy by delivering more with less – minimum energy for maximum results. For more information visit our website at To view our Corporate Presentation visit us at Visit us on social media @exrotech. CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified using terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's filings with Canadian securities regulators, that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company with the Canadian securities regulators, including the Company's annual information form for the financial year ended December 31, 2024, and financial statements and related MD&A for the financial year ended December 31, 2024, filed with the securities regulatory authorities in certain provinces of Canada and available at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties, and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated, or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this press release.
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Business Standard
12-05-2025
- Business
- Business Standard
Tikona Infinet resolves dispute regarding debt payments with L&T Finance
Internet service provider Tikona Infinet on Monday announced that they have entered into a definitive settlement agreement with L&T Finance Limited to resolve the dispute on debt bonds. The announcement came after the National Company Law Tribunal (NCLT), Mumbai Bench, earlier admitted an application filed by L&T Finance against Tikona Infinet, citing default on coupon payments for CCDs. Tikona Infinet said the pact was signed on May 10, bringing closure to a previously reported shareholder matter related to Series 'E' Compulsorily Convertible Debentures (CCDs), following which L&T Finance has started the process to withdraw its application. "It was a dispute amongst the shareholders about Coupon Rights. I am glad to inform you that a settlement agreement has already been executed, which will settle all disputes amicably between LTF Limited and the other majority shareholders. A withdrawal application to the NCLT is under process," Tikona Infinet founder and CEO Prakash Bajpai said. An email query sent to L&T Finance elicited no immediate reply. The tribunal had observed that even though certain CCDs are structured for conversion into equity, they may still be considered financial debt if the coupon payment obligation is absolute, Tikona Infinet said in a statement. Tikona Infinet had maintained in its legal filings that the instruments in question were classified as equity securities and did not qualify as financial debt under the Insolvency and Bankruptcy Code. The company further argued that the alleged coupon entitlements were subject to the availability of distributable cash and were in the nature of dividends, not debt. Following internal discussions among all relevant parties and stakeholders, both sides have reached a mutually agreeable settlement. The process for formal withdrawal of the insolvency petition from the NCLT is currently underway, the statement said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
