Nepra Foods Announces Closing of Debt Conversion
Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) has closed its previously announced debt conversion transaction, converting US$970,551 of outstanding debt into 26,445,572 common shares. The issued shares are subject to a four-month statutory hold period ending November 24, 2024. These shares are considered 'restricted securities' under U.S. securities laws and have not been registered under the U.S. Securities Act. The transaction involved insider shareholder William Hogan, constituting a 'related party transaction' under MI 61-101. The company relied on exemptions from formal valuation and minority approval requirements, citing serious financial difficulty and the transaction's aim to improve its financial position.
Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) ha concluso la transazione di conversione del debito precedentemente annunciata, convertendo US$970.551 di debito in sospeso in 26.445.572 azioni ordinarie. Le azioni emesse sono soggette a un periodo di blocco legale di quattro mesi che termina il 24 novembre 2024. Queste azioni sono considerate 'securities ristrette' secondo le leggi statunitensi sulle securities e non sono state registrate ai sensi del Securities Act degli Stati Uniti. La transazione ha coinvolto il socio insider William Hogan, costituendo una 'transazione con parti correlate' secondo la MI 61-101. L'azienda ha fatto affidamento su esenzioni dai requisiti di valutazione formale e approvazione da parte delle minoranze, citando gravi difficoltà finanziarie e il fine della transazione di migliorare la propria posizione finanziaria.
Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) ha cerrado la transacción de conversión de deuda anunciada previamente, convirtiendo US$970,551 de deuda pendiente en 26,445,572 acciones ordinarias. Las acciones emitidas están sujetas a un período de retención legal de cuatro meses que termina el 24 de noviembre de 2024. Estas acciones se consideran 'valores restringidos' bajo las leyes de valores de EE.UU. y no han sido registradas bajo la Ley de Valores de EE.UU. La transacción involucró al accionista interno William Hogan, constituyendo una 'transacción con partes relacionadas' bajo la MI 61-101. La empresa se basó en exenciones de los requisitos de valoración formal y aprobación de minorías, citando graves dificultades financieras y la finalidad de la transacción para mejorar su posición financiera.
네프라 푸드 주식회사 (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF)는 전달된 부채 전환 거래를 마무리했다, 970,551달러의 미지급 부채를 26,445,572주 보통주로 전환했다. 발행된 주식은 2024년 11월 24일에 종료되는 4개월의 법적 보유 기간의 적용을 받는다. 이 주식은 미국 증권법에 따라 '제한된 증권'으로 간주되며, 미국 증권법에 따라 등록되지 않았다. 이 거래에는 내부 주주 윌리엄 호간이 참여했으며, MI 61-101에 따른 '관련자 거래'를 구성한다. 회사는 심각한 재정적 어려움을 이유로, 공식적인 평가 및 소수자 승인의 요구 사항에 대한 예외를 적용했으며, 거래의 목적은 재무적 위치를 개선하는 것이다.
Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) a finalisé la transaction de conversion de dette précédemment annoncée, convertissant 970 551 USD de dette en cours en 26 445 572 actions ordinaires. Les actions émises sont soumises à une période de blocage légale de quatre mois se terminant le 24 novembre 2024. Ces actions sont considérées comme des 'valeurs mobilières restreintes' selon les lois sur les valeurs mobilières aux États-Unis et n'ont pas été enregistrées en vertu de la loi américaine sur les valeurs mobilières. La transaction a impliqué le détenteur de droits insider William Hogan, constitutive d'une 'transaction entre parties liées' au sens de la MI 61-101. La société s'est appuyée sur des exonérations des exigences d'évaluation formelle et d'approbation des minorités, invoquant de sérieuses difficultés financières et l'objectif de la transaction d'améliorer sa position financière.
Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) hat die zuvor angekündigte Schuldenumwandlungstransaktion abgeschlossen, indem 970.551 US-Dollar ausstehender Schulden in 26.445.572 Stammaktien umgewandelt wurden. Die ausgegebenen Aktien unterliegen einer viermonatigen gesetzlichen Haltedauer, die am 24. November 2024 endet. Diese Aktien gelten als 'eingeschränkte Wertpapiere' nach den US-Wertpapiergesetzen und wurden nicht gemäß dem US-Wertpapiergesetz registriert. An der Transaktion war insider Aktionär William Hogan beteiligt, was eine 'Transaktion mit nahestehenden Personen' gemäß MI 61-101 darstellt. Das Unternehmen berief sich auf Ausnahmen von den Anforderungen an die formelle Bewertung und die Zustimmung der Minderheitsaktionäre, da es auf ernsthafte finanzielle Schwierigkeiten hinwies und die Absicht hatte, seine Finanzlage zu verbessern.
- Conversion of US$970,551 debt into equity, potentially improving the company's balance sheet
- Board of directors unanimously determined the transaction is designed to improve the company's financial position
- Significant shareholder dilution due to issuance of 26,445,572 new common shares
- Company in 'serious financial difficulty' as stated in the press release
- Reliance on exemptions from formal valuation and minority approval requirements for the transaction
VANCOUVER, BC / ACCESSWIRE / July 23, 2024 / Nepra Foods Inc. (CSE:NPRA)(FSE:2P6)(OTC PINK:NPRFF) ("Nepra Foods" or the "Company"), wishes to announce that the Company has closed the previously announced debt conversion transaction, pursuant to which it converted an aggregate of US
All common shares issued in connection with the Conversion Transaction are subject to a statutory hold period of four months plus a day ending on November 24, 2024, in accordance with applicable securities legislation.
The common shares issued pursuant to the Conversion Transaction have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold in the United States or to, or for the account or benefit of, "U.S. persons" (as those terms are defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The common shares have been issued as "restricted securities" as defined in Rule 144(a)(3) under the U.S. Securities Act.
William Hogan is an insider shareholder of the Company. Accordingly, Mr. Hogan's participation in the Conversion Transaction constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from the formal valuation requirement set out in Section 5.5(b) of MI 61-101 on the basis that no securities of the Company are listed or quoted on any of the prescribed exchanges set out therein. The Company is relying on the exemption from the minority approval requirement set out in section 5.7(1)(e) of MI 61-101. Each of the directors of the Company is an "independent director" (as determined in accordance with MI 61-101) in respect of the Conversion Transaction and the board of directors, acting in good faith, unanimously determined that the Company is in serious financial difficulty, that the Conversion Transaction is designed to improve the financial position of the Company, and that the terms of the Conversion Transaction are reasonable in the circumstances of the Company. The Company did not file a material change report 21 days prior to the expected closing of the Conversion Transaction as the structure of the transaction had not been confirmed at that time.
About Nepra Foods Inc.
Nepra Foods is grounded in a passion for food. We believe eating healthy should be easy. Everybody deserves food options that are truly nutritious and taste good. Food should be allergen-free so that everyone in the family can enjoy eating it together. Plant-based foods can offer high-quality nutrition and taste great while maintaining a low-carb profile. Nepra Foods is on a mission to make healthy, enjoyable food for everybody.
ON BEHALF OF THE BOARD OF DIRECTORS
David Wood, Chief Operating Officer and Interim CFO
investors@neprafoods.com
Investor Relations Toll-free (844) 566-1917
The CSE has neither approved nor disapproved the contents of this news release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include, without limitation, statements related to the future developments and the business and operations of the Company. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, but not limited to, statements relating to the Company's financial performance, business development, results of operations, and those listed in filings made by the Company with the Canadian securities regulatory authorities (which may be viewed at www.sedarplus.ca). Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. The Company does not undertake any obligation to update any forward-looking information to reflect information, events, results, circumstances or otherwise after the date hereof or to reflect the occurrence of unanticipated events, except as required by law including securities laws.
SOURCE: Nepra Foods
View the original press release on accesswire.com
FAQ
How much debt did Nepra Foods (NPRFF) convert in its recent transaction?
How many new shares did Nepra Foods (NPRFF) issue in the debt conversion?
When does the statutory hold period for the newly issued Nepra Foods (NPRFF) shares end?
Was the Nepra Foods (NPRFF) debt conversion considered a related party transaction?
