Novra Announces Additional Details on Convertible Loan Agreement
Novra Technologies (TSXV: NVI) has provided additional details about its previously announced $12.258 million Convertible Loan Agreement with SNAPS Holding Company. The two-year loan bears 1% annual interest and is convertible to common shares at $0.34 per share. The closing date has been extended to March 31, 2025 due to delays in SNAPS' asset divestiture process, affected by US and global credit market slowdowns.
The loan requires TSX Venture Exchange and shareholder approvals, which are pending. The agreement restricts Novra from issuing additional shares before June 30, 2025 without lender approval. SNAPS views Novra as a strategic asset for its global market reach and technology expertise. CEO Harris Liontas has committed to lead Novra for at least 2 years as CEO and up to 5 years as director post-loan closure.
Novra Technologies (TSXV: NVI) ha fornito ulteriori dettagli riguardo il suo Contratto di Prestito Convertibile da 12,258 milioni di dollari precedentemente annunciato con la SNAPS Holding Company. Il prestito biennale ha un tasso di interesse annuale dell'1% ed è convertibile in azioni ordinarie a $0,34 per azione. La data di chiusura è stata prorogata al 31 marzo 2025 a causa dei ritardi nel processo di disinvestimento degli asset di SNAPS, influenzati dal rallentamento dei mercati creditizi statunitensi e globali.
Il prestito richiede l'approvazione della TSX Venture Exchange e degli azionisti, che sono in attesa. L'accordo limita Novra dall'emissione di azioni aggiuntive prima del 30 giugno 2025 senza l'approvazione del prestatore. SNAPS considera Novra un asset strategico per la sua portata di mercato globale e la sua competenza tecnologica. Il CEO Harris Liontas si è impegnato a guidare Novra per almeno 2 anni come CEO e fino a 5 anni come direttore dopo la chiusura del prestito.
Novra Technologies (TSXV: NVI) ha proporcionado detalles adicionales sobre su Acuerdo de Préstamo Convertible de 12,258 millones de dólares previamente anunciado con SNAPS Holding Company. El préstamo de dos años tiene un interés anual del 1% y es convertible en acciones ordinarias a $0.34 por acción. La fecha de cierre se ha extendido hasta el 31 de marzo de 2025 debido a las demoras en el proceso de desinversión de activos de SNAPS, afectadas por el ralentizamiento de los mercados crediticios en EE. UU. y a nivel global.
El préstamo requiere aprobaciones de la TSX Venture Exchange y de los accionistas, que están pendientes. El acuerdo restringe a Novra de emitir acciones adicionales antes del 30 de junio de 2025 sin la aprobación del prestamista. SNAPS ve a Novra como un activo estratégico para su alcance en el mercado global y su experiencia tecnológica. El CEO Harris Liontas se ha comprometido a liderar Novra durante al menos 2 años como CEO y hasta 5 años como director después del cierre del préstamo.
Novra Technologies (TSXV: NVI)는 SNAPS Holding Company와 체결한 1,225.8만 달러 규모의 전환 대출 계약에 대한 추가 세부 정보를 제공했습니다. 이 2년 만기 대출은 연 1%의 이자를 부과하며, 주당 $0.34로 보통주로 전환할 수 있습니다. 마감일이 2025년 3월 31일로 연장되었습니다, 이는 SNAPS의 자산 매각 절차 지연과 미국 및 글로벌 신용 시장의 둔화 영향 때문입니다.
대출은 TSX Venture Exchange와 주주 승인을 필요로 하며, 이는 현재 대기 중입니다. 이 계약은 Novra가 대출자의 승인 없이 2025년 6월 30일 이전에 추가 주식을 발행하는 것을 제한합니다. SNAPS는 Novra를 자사의 글로벌 시장 접근성과 기술 전문성을 위한 전략적 자산으로 간주합니다. CEO인 Harris Liontas는 적어도 2년 동안 CEO로 Novra를 이끌고, 대출 종료 후에는 최대 5년 동안 이사로 활동할 것을 약속했습니다.
Novra Technologies (TSXV : NVI) a fourni des détails supplémentaires concernant son contrat de prêt convertible de 12,258 millions de dollars précédemment annoncé avec la société SNAPS Holding. Le prêt de deux ans porte un intérêt annuel de 1% et est convertible en actions ordinaires au prix de 0,34 $ par action. La date de clôture a été prolongée jusqu'au 31 mars 2025 en raison de retards dans le processus de désinvestissement d'actifs de SNAPS, affecté par le ralentissement des marchés de crédit aux États-Unis et à l'international.
Le prêt nécessite l'approbation de la TSX Venture Exchange et des actionnaires, qui sont en attente. L'accord limite Novra d'émettre des actions supplémentaires avant le 30 juin 2025 sans l'approbation du prêteur. SNAPS considère Novra comme un actif stratégique pour sa portée sur le marché mondial et son expertise technologique. Le PDG Harris Liontas s'est engagé à diriger Novra pendant au moins 2 ans en tant que PDG et jusqu'à 5 ans en tant que directeur après la clôture du prêt.
Novra Technologies (TSXV: NVI) hat weitere Einzelheiten zu seinem bereits angekündigten 12,258 Millionen Dollar Convertible Loan Agreement mit der SNAPS Holding Company bekannt gegeben. Das zweijährige Darlehen hat einen Jahreszins von 1% und kann zu einem Preis von 0,34 $ pro Aktie in Stammaktien umgewandelt werden. Das Abschlussdatum wurde auf den 31. März 2025 verlängert, was auf Verzögerungen im Veräußern von SNAPS-Assets zurückzuführen ist, die durch die Verlangsamung der US- und globalen Kreditmärkte beeinflusst wurden.
Das Darlehen benötigt die Genehmigungen der TSX Venture Exchange und der Aktionäre, die noch ausstehen. Die Vereinbarung schränkt Novra ein, zusätzliche Aktien vor dem 30. Juni 2025 ohne Zustimmung des Kreditgebers auszugeben. SNAPS betrachtet Novra als strategisches Asset für seine globale Marktpräsenz und technologische Expertise. CEO Harris Liontas hat sich verpflichtet, Novra mindestens 2 Jahre als CEO und bis zu 5 Jahre als Direktor nach dem Abschluss des Darlehens zu leiten.
- Secured substantial financing commitment of $12.258 million
- Low interest rate of 1% per annum
- Strategic partnership with experienced technology investor
- CEO commitment ensures leadership stability
- Closing date delayed from November 2024 to March 2025
- Funding contingent on SNAPS' asset sales completion
- Restriction on issuing additional shares until June 2025
- Potential dilution for existing shareholders at $0.34 conversion price
Winnipeg, Manitoba--(Newsfile Corp. - December 19, 2024) - Novra Technologies Inc. (TSXV: NVI) ("Novra") is issuing this notice to provide additional specific details and updates related to the binding Convertible Loan Agreement (Loan) it announced on September 10, 2024. As indicated previously, with this agreement a US-based private investment group commits to provide
This Loan is subject to TSX Venture Exchange approval as well as the approval of Novra's shareholders before the conversion of the loan to shares takes place. These approvals have not yet been received
The lender for this Loan is SNAPS Holding Company (SNAPS), a privately held global enterprise headquartered in Fargo, ND with business interests in technology, manufacturing, healthcare, and commercial real estate (CRE) assets. With over 35 years of management history, SNAPS has a proven track record of successfully acquiring multiple hi-tech, mission-critical application companies worldwide. SNAPS is currently diversifying its portfolio by divesting some of its CRE holdings and reinvesting the capital in identified high-growth technology entities.
Before Novra entered into this Convertible Loan Agreement on August 30, 2024, SNAPS had already initiated a divestiture process for some of its identified assets to fund its diversification strategy, including the Novra investment. These transactions were originally expected to close by November 30, 2024. However, due to the temporary slow down in US and global credit markets, primarily caused by uncertainties of the outcome of the US elections, the closure of these transactions as originally contemplated was delayed. These transactions are now expected to be completed in the first quarter of 2025 and, as a result, the closing date for the Loan is now set to be on or before March 31, 2025. All terms of the Loan agreement other than timing remain unchanged.
"SNAPS views Novra as a strategic asset, leveraging its global market reach, engineering excellence, SaaS/cloud proficiency, and wireless technology expertise. By investing into Novra, SNAPS aims to strengthen its position as a driver of innovation in the communications market with the addition of one or more of SNAPS' unique flagship products into Novra's technology arsenal to support its continued success at a much higher growth rate", said SNAPS' spokesperson.
As Novra has not yet confirmed receipt of funds for the Convertible Loan Agreement, the company cautions investors to refrain from placing undue reliance on statements regarding this potential transaction. Novra can provide no assurance that the Convertible Loan Agreement will be completed as proposed, or at all.
While Novra does not anticipate receiving any funds until some of the lender's assets are sold, the company expects to receive all funds from the lender by the end of March 31, 2025, as required by the binding Convertible Loan Agreement.
As insiders, Novra's Directors and Officers are currently subject to a trading blackout and this will continue for an additional one-week period after an update announcing an end to the blackout, or an announcement that the Loan has closed, is released.
While not a condition or term of the Convertible Loan Agreement, Mr. Harris Liontas, Novra's CEO, has agreed to continue to lead Novra for at least 2 years as CEO, and up to 5 years as a director, once the Loan closes.
About Novra Technologies Inc.:
Novra (TSXV: NVI) (OTCQB: NVRVF) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra Technologies Inc, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications, including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.
For more information visit: www.novragroup.com
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, concerning but not limited to: pending closing of this transaction, required TSX Venture Exchange approval of this transaction, Shareholder approval of this transaction, and anticipated developments in our operations in future periods. Forward-looking statements are generally identifiable by words such as "expect", "anticipate", "believe", "intend", "estimate", "predict", "outlook", "opportunity", "momentum", "potential", "proposed", "targeted", "plans" "possible", "positive indication for", "looking forward to", "getting ready to", "is starting to", and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. As such, forward-looking statements are not historical facts but reflect our current assumptions and expectations regarding future events. These are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and assumptions. Some of these risks and uncertainties are described under the "Risks and Uncertainties" section of Novra's MD&A.
For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements.
Neither 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.
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CONTACT FOR NOVRA:
Harris Liontas
CEO
+1 204 989 4632
hliontas@novra.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234529
FAQ
What are the key terms of Novra's (TSXV: NVI) convertible loan agreement?
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