Latest news with #Trustee
Globe and Mail
14 hours ago
- Business
- Globe and Mail
LSL PHARMA GROUP ANNOUNCES REDEMPTION OF 11% UNSECURED CONVERTIBLE DEBENTURES
BOUCHERVILLE, QC , July 2, 2025 /CNW/ - LSL PHARMA GROUP INC. (TSXV: LSL) (" LSL Pharma" or the " Corporation"), a Canadian integrated pharmaceutical company, is pleased to announce that TSX Trust Company (the " Trustee"), in accordance with the trust indenture dated November 1, 2023 between the Corporation and the Trustee (the " Indenture"), will be providing notice of early redemption of all of the Corporation's outstanding $3,288,000 aggregate principal amount of 11% convertible unsecured convertible debentures, originally due October 31, 2028 (the " Convertible Debentures"). The Convertible Debentures will be redeemed by the Trustee on August 4, 2025 (the " Redemption Date"), in accordance with the terms of the Indenture. The Convertible Debentures, which are listed and posted for trading on the TSX Venture Exchange (" TSXV") under the symbol will cease trading on the Redemption Date, in accordance with TSXV policies. On the Redemption Date, the Trustee will pay holders of Convertible Debentures a redemption price equal to $10.40 for each $10 principal amount of Convertible Debentures (which includes the early repayment premium required pursuant to the Indenture) plus all accrued and unpaid interest up to but excluding the Redemption Date. Beneficial holders of the Convertible Debentures are encouraged to contact their investment dealer to coordinate the surrender of their Convertible Debentures or if they have any questions about the redemption. No action is required to be taken by holders of the Convertible Debentures in connection with the redemption. ABOUT LSL PHARMA GROUP INC. LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing and commercialization of high-quality sterile ophthalmic pharmaceutical products, as well as pharmaceutical, cosmetic and natural health products in solid, semi-solid and liquid dosage forms. Companies forming part of LSL Pharma Group include Steri-Med Pharma Inc., LSL Laboratory Inc., Virage Santé Inc. and Dermolab Pharma Ltd. For further information, please visit our website at CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents. Readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that any of the events referred to in the forward-looking statements will transpire, and if any of them do, the actual results, performance or achievements of the Corporation may differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Globe and Mail
2 days ago
- Business
- Globe and Mail
BP Prudhoe Bay Royalty Trust Announces No Unit Payment for the Second Quarter of 2025 and Update on NYSE Delisting
BP Prudhoe Bay Royalty Trust (NYSE: BPT) announced that Unit holders of record on July 15, 2025 will not receive a dividend payment for the quarter ended June 30, 2025. As provided in the Trust Agreement, a quarterly royalty payment by Hilcorp North Slope, LLC to the Trust is the sum of the individual revenues attributed to the Trust as calculated each day during the quarter. The amount of revenue is determined by multiplying Royalty Production for each day in the calendar quarter by the Per Barrel Royalty for that day. Pursuant to the Trust Agreement, the Per Barrel Royalty for any day is the WTI Price for the day less the sum of (i) Chargeable Costs multiplied by the Cost Adjustment Factor and (ii) Production Taxes. For the three months ended June 30, 2025, the Per Barrel Royalty was calculated based on the following information: Average WTI Price $ 63.95 Average Adjusted Chargeable Costs $ 99.63 Average Production Taxes $ 2.15 Average Per Barrel Royalty $ (37.83 ) Average Net Production (mb/d) 63.3 The average daily closing WTI price was below the 'break-even' price for the quarter, resulting in a negative value for the payment calculation for the quarter. However, as provided in the Trust Agreement, the payment with respect to the Royalty Interest for any calendar quarter may not be less than zero. As previously disclosed, the Trust terminated at 11:59 PM on December 31, 2024, and The Bank of New York Mellon Trust Company, N.A., as trustee (the 'Trustee'), has commenced the process of winding up the affairs of the Trust. The Trustee cannot predict when the wind-up of the Trust will be completed. Delisting from NYSE The Trust also announced that on June 30, 2025, it had received notification from the New York Stock Exchange ('NYSE') of its determination to suspend trading of the Trust's units of beneficial interest (the 'Units'), effective as of the close of trading on June 30, 2025, and to initiate proceedings to delist the Units. The determination to commence the delisting proceeding results from the Trust's inability to satisfy the continued listing compliance standards set forth under Rule 802.01C of the NYSE Listed Company Manual because the average closing price of the Units fell below $1.00 over a 30 consecutive trading-day period that ended on December 30, 2024, and the Trust was unable to regain compliance with the applicable standards within a cure period that concluded on June 30, 2025. As a result of the suspension, the Units began trading on July 1, 2025, under the symbol 'BPPTU' on the Pink Limited Market ('OTC Pink'), which is operated by OTC Markets Group, Inc. To be quoted on OTC Pink, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. OTC Pink is a significantly more limited market than the NYSE, and the quotation of the Units on OTC Pink may result in a less liquid market available for existing and potential unitholders and could further depress the trading price of the Units. There is no assurance that an active market in the Units will develop on OTC Pink. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release are subject to a number of risks and uncertainties beyond the control of the Trust. These forward-looking statements include the Trust's expectations regarding the timing of the transition of the quotation of the Units to OTC Pink, expectations regarding the trading of the Units on OTC Pink and the Trust asset sale process. Descriptions of some of the risks that could affect the future performance of the Trust appear in the Trust's Annual Report on Form 10-K for the year ended December 31, 2024, the Trust's subsequent Quarterly Reports on Form 10-Q, and the Trust's other filings with the Securities and Exchange Commission (the 'SEC'). The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's website at The Trustee undertakes no obligation to update forward-looking statements after the date of this report, except as required by law, and all such forward-looking statements in this report are qualified in their entirety by the preceding cautionary statements.
Globe and Mail
01-03-2025
- Business
- Globe and Mail
i-80 Gold Completes Further Steps in Support of its Recapitalization Plan
Previously Announced Amendments to Convertible Debenture Indenture and Closing of Concurrent Private Placement Completed This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated August 12, 2024 , to its short form base shelf prospectus dated June 21, 2024 RENO, Nev. , Feb. 28, 2025 /CNW/ - i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) ("i-80 Gold", or the "Company") is pleased to announce the completion of certain amendments to its $65 million convertible debenture indenture dated February 22, 2023 (the " Indenture") as previously disclosed in the Company's press release dated January 13, 2025 . Additionally, the Company announces the closing of the private placement with certain insiders of the Company, undertaken concurrently with the previously announced prospectus offering of common shares which closed on January 31, 2025 , as previously disclosed in the Company's press releases dated January 27, 2025 and January 31, 2025 (the " Concurrent Private Placement"). The completion and closing of each of Indenture amendments and the Concurrent Private Placement support i-80 Gold's recapitalization plan by improving its near-term liquidity as well as facilitating its refinancing flexibility as it works towards a recapitalization plan intended to better align its capital structure with the Company's long-term growth strategy and development plan. The Company is pleased to announce that it has entered into a first supplemental indenture to the Indenture (the " Supplemental Indenture") with the TSX Trust Company (the " Trustee") to finalize the proposed amendments to the terms of the terms of the Indenture as previously disclosed in its prior press release on January 13, 2025 . On February 22, 2023 , the Company closed a private placement offering of $65 million principal amount of secured convertible debentures (the " Convertible Debentures") pursuant to the Indenture among the Company and the Trustee. On October 15, 2024 , debenture holders representing not less than 66 2/3% of the principal amount of the Convertible Debentures appointed, by written resolution, a committee of the debenture holders (the " Committee"), to exercise, and to direct the Trustee to exercise, on behalf of the debenture holders, the powers of the debenture holders set out in the Indenture. On February 28, 2025 , the Committee delivered to the Company and the Trustee an extraordinary resolution approved by the Committee, acting on behalf of the debenture holders, by instrument in writing effective, to approve the amendments to the Indenture as set forth in the Supplemental Indenture and to authorize and to direct the Trustee to enter into and execute the Supplemental Indenture (the " Amending Resolution"). The Supplement Indenture amends the Indenture, to among other things, provide as follows: (i) that the definitions relating to the conversion prices applicable to the conversion of the accrued and unpaid interest on the Convertible Debentures were revised to provide: (a) the conversion price applicable to the a debenture holder's right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to the volume weighted average price of i-80 Gold's common shares on the Toronto Stock Exchange (" TSX") during the five trading days immediately preceding the date of the debenture holder's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date; (b) the conversion price applicable to the Company' right to elect to convert outstanding and accrued interest on the Convertible Debentures is equal to equal to the greater of * 85% of the average closing price of the i-80 Gold common shares as measured in US dollars on the NYSE American during the 10 business days immediately preceding the date of the Company's election notice, and (y) the volume weighted average price of i-80 Gold common shares on TSX during the five trading days immediately preceding the date of the Company's election notice, less a discount of 15%, converted into US dollars at the Bank of Canada rate on such date; (ii) that the Company's right to grant security against the McCoy-Cove Project would rank subordinate to the security granted to the debenture holders; and (iii) the Company with a redemption right in respect of all of the outstanding Convertible Debentures which allows the Company to redeem, in its sole discretion, all of the outstanding Convertible Debentures for cash at a 104% premium of the outstanding principal, along with accrued interest up to the redemption date. The description of the Supplemental Indenture in this press release, is a summary only, and is not exhaustive nor is it intended as a substitute for reviewing the Supplemental Indenture and is qualified in its entirety by reference to the full text of the Supplemental Indenture, which can be found under the Company's issuer profile on SEDAR+ at The Company is also pleased to announce the closing of the Concurrent Private Placement of an aggregate of 997,871 common shares to certain directors and officers of the Company at a price of C$0.80 per share for gross proceeds of approximately C$798,297 . Further to its press release dated January 27, 2025 in connection with its proposed private placement of subscription receipts at a price of $0.80 per subscription receipt involving certain directors and officers of the Company, the Company subsequently received a waiver from the NYSE American from having to obtain shareholder approval for the participation of its directors and officers in an equity financing by the Company at a price that is at a discount to market price and obtained approval to complete the Concurrent Private Placement of common shares to such directors and officers. All of the subscribers under the Concurrent Private Placement were "insiders" of the Company (the " Insider Participation"). Each of the subscriptions by an "insider" is considered to be a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61‑101"). The Insider Participation is exempt from the formal valuation and minority shareholder requirements under MI 61-101 in reliance upon the exemptions contained in section 5.5(a) and 5.7(1)(a), respectively, of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than the 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing date of the Concurrent Private Placement as the details of the Concurrent Private Placement and the Insider Participation were not settled until shortly prior to the closing of the Concurrent Private Placement, and the Company wished to close the Concurrent Private Placement on an expedited basis for sound business reasons. All securities issued under the Concurrent Private Placement are subject to a hold period in Canada expiring four months and one day from the date hereof and are subject to a hold period in the United States of at least six months from the date of issuance pursuant to the U.S. Securities Act of 1933, as amended (the " U.S. Securities Act"). The Concurrent Private Placement is subject to final acceptance by the Toronto Stock Exchange and the NYSE American. The Company anticipates using the net proceeds of the Concurrent Private Placement for working capital and general corporate purposes. The participation of directors and officers in the offering reflects continued confidence in the Company's strategic direction and growth potential. The securities issued under the Concurrent Private Placement have not been registered under the U.S. Securities Act, or any state or other applicable jurisdiction's securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state or other jurisdictions' securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer, solicitation or sale of these securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful. About i-80 Gold Corp. i-80 Gold Corp. is a Nevada -focused mining company with the fourth largest gold mineral resources in the state of Nevada . The recapitalization plan underway is designed to unlock the value of the Company's high-grade gold deposits to create a Nevada mid-tier gold producer. i-80 Gold's common shares are listed on the TSX and the NYSE American under the trading symbol IAU:TSX and IAUX:NYSE. Further information about i-80 Gold's portfolio of assets and long-term growth strategy is available at or by email at info@ FORWARD LOOKING INFORMATION Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including but not limited to, statements regarding: the use of proceeds in connection with the Concurrent Private Placement; the Company's ability to obtain the approval of the Toronto Stock Exchange and the NYSE American for the Concurrent Private Placement; and the Company's other future plans and expectations, including its recapitalization plan. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the Company's current expectations regarding future events, performance and results and speak only as of the date of this release. Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to i-80's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR+ at
