SBD Capital Corp. Provides Updated with Respect to Upcoming Shareholder Meeting
SBD Capital Corp. (CSE: SBD) has announced key items for shareholder voting at its upcoming annual and special meeting on January 24, 2025. The company proposes a 10:1 share consolidation, which would reduce outstanding shares to approximately 789,016. Additionally, the company plans a debt settlement of up to $438,000, with shares to be issued at $0.27 per share post-consolidation, potentially resulting in 1,622,222 new shares.
The company has secured agreements to settle $279,945 of debt, including $116,942 owed to insider Chris Irwin. Following the consolidation and debt settlement, Mr. Irwin could hold up to 66.9% of outstanding shares, becoming a new Control Person. This transaction requires shareholder and CSE approval. The debt settlement is considered a related party transaction under MI 61-101.
SBD Capital Corp. (CSE: SBD) ha annunciato punti chiave per il voto degli azionisti nella sua prossima assemblea annuale e straordinaria del 24 gennaio 2025. L'azienda propone una consolidazione delle azioni 10:1, che ridurrebbe le azioni in circolazione a circa 789.016. Inoltre, l'azienda prevede un accordo per la riduzione del debito fino a $ 438.000, con azioni che saranno emesse a $ 0,27 per azione post-consolidamento, il che potrebbe portare all'emissione di 1.622.222 nuove azioni.
L'azienda ha già ottenuto accordi per risolvere $ 279.945 di debito, inclusi $ 116.942 dovuti all'insider Chris Irwin. Dopo la consolidazione e la riduzione del debito, il sig. Irwin potrebbe detenere fino al 66,9% delle azioni in circolazione, diventando una nuova Persona di Controllo. Questa transazione richiede l'approvazione degli azionisti e della CSE. L'accordo per la riduzione del debito è considerato una transazione con parti correlate ai sensi della MI 61-101.
SBD Capital Corp. (CSE: SBD) ha anunciado puntos clave para la votación de los accionistas en su próxima reunión anual y especial el 24 de enero de 2025. La empresa propone una consolidación de acciones de 10:1, lo que reduciría las acciones en circulación a aproximadamente 789.016. Además, la empresa planea un acuerdo para liquidar deudas de hasta $ 438.000, con acciones que se emitirán a $ 0,27 por acción después de la consolidación, lo que podría resultar en 1.622.222 nuevas acciones.
La empresa ha asegurado acuerdos para liquidar $ 279.945 de deuda, incluyendo $ 116.942 que se deben al interno Chris Irwin. Tras la consolidación y el acuerdo de deuda, el Sr. Irwin podría poseer hasta el 66,9% de las acciones en circulación, convirtiéndose en una nueva Persona de Control. Esta transacción requiere la aprobación de los accionistas y de la CSE. El acuerdo de liquidación de deuda se considera una transacción entre partes relacionadas bajo la MI 61-101.
SBD Capital Corp. (CSE: SBD)는 2025년 1월 24일에 있을 예정인 연례 및 특별 주주 총회에서 투표할 주요 사항을 발표했습니다. 회사는 10:1의 주식 통합을 제안하며, 이는 발행 주식 수를 약 789,016주로 줄이는 것입니다. 또한 회사는 부채 합의를 진행할 계획이며, 최대 $438,000의 부채를 정리하고 통합 후 주당 $0.27에 주식을 발행할 예정이며, 이로 인해 1,622,222주의 신규 주식이 발행될 가능성이 있습니다.
회사는 $279,945의 부채를 정리하기 위한 계약을 체결했으며, 이 중 $116,942는 내부자 크리스 어윈에게 지급할 부분입니다. 통합 및 부채 합의 후 어윈 씨는 발행 주식의 최대 66.9%를 보유할 수 있으며, 새로운 지배주주가 될 것입니다. 이 거래는 주주 및 CSE의 승인을 필요로 합니다. 부채 합의는 MI 61-101에 따라 관계자 거래로 간주됩니다.
SBD Capital Corp. (CSE: SBD) a annoncé des points clés pour le vote des actionnaires lors de sa prochaine assemblée annuelle et extraordinaire le 24 janvier 2025. L'entreprise propose une consolidation des actions de 10:1, ce qui réduirait les actions en circulation à environ 789 016. De plus, l'entreprise prévoit un règlement de dettes pouvant atteindre 438 000 $, avec des actions qui seront émises à 0,27 $ par action après consolidation, ce qui pourrait donner lieu à 1 622 222 nouvelles actions.
L'entreprise a obtenu des accords pour régler 279 945 $ de dettes, dont 116 942 $ dus à l'insider Chris Irwin. Suite à la consolidation et au règlement de la dette, M. Irwin pourrait détenir jusqu'à 66,9 % des actions en circulation, devenant ainsi une nouvelle personne de contrôle. Cette transaction nécessite l'approbation des actionnaires et de la CSE. Le règlement de la dette est considéré comme une transaction entre parties liées conformément à la MI 61-101.
SBD Capital Corp. (CSE: SBD) hat wesentliche Punkte für die Abstimmung der Aktionäre bei der bevorstehenden Haupt- und Sonderversammlung am 24. Januar 2025 angekündigt. Das Unternehmen schlägt eine 10:1 Aktienkonsolidierung vor, die die ausstehenden Aktien auf etwa 789.016 reduzieren würde. Darüber hinaus plant das Unternehmen eine Schuldenbereinigung von bis zu 438.000 $, mit Aktien, die nach der Konsolidierung zu 0,27 $ pro Aktie ausgegeben werden, was potenziell zu 1.622.222 neuen Aktien führen könnte.
Das Unternehmen hat Vereinbarungen getroffen, um 279.945 $ Schulden zu begleichen, darunter 116.942 $, die an den Insider Chris Irwin geschuldet werden. Nach der Konsolidierung und der Schuldenbereinigung könnte Herr Irwin bis zu 66,9 % der ausstehenden Aktien halten und somit eine neue Kontrollperson werden. Diese Transaktion erfordert die Genehmigung der Aktionäre und der CSE. Die Schuldenbereinigung gilt als eine Transaktion mit nahestehenden Personen gemäß MI 61-101.
- Debt reduction initiative of up to $438,000 to improve company's financial position
- Secured agreements for $279,945 of debt settlement already in place
- Significant shareholder dilution through debt settlement
- Creation of a new Control Person with up to 66.9% ownership concentration
- 25% discount on share price for debt settlement
Toronto, Ontario--(Newsfile Corp. - January 13, 2025) - SBD Capital Corp. (CSE: SBD) (the "Company") announces that in connection with its upcoming annual and special meeting (the "Meeting") of the shareholders of the Company to be held on January 24, 2025, the management information circular and related materials have been filed on the Company's profile on SEDAR+.
At the Meeting, shareholders of the Company will be voting on the following items of business; (i) to appoint the auditors of the Corporation; (ii) to elect the directors of the Corporation for the ensuing year; (iii) to approve a consolidation (the "Consolidation") of its common shares (each, a "Common Share") as described below; (iv) to approve and confirm the Company's omnibus long term incentive plan; and (v) to approve the settlement of up to an aggregate of
Under the Consolidation, management is proposing to consolidate the Common Shares on the basis of up to ten (10) issued pre- Consolidation Common Shares into one (1) new post-Consolidation Common Share. No fractional Common Shares will be issued and any fractional Common Shares will be rounded down to the nearest lower whole share. The Consolidation is subject to the approval of the shareholders of the Company, and the Canadian Securities Exchange (the "CSE"), which approval management intends to seek from the CSE following receipt of shareholder approval. After giving effect to the Consolidation, the Corporation will have approximately 789,016 Common Shares issued and outstanding (on the basis of a 10:1 Consolidation ratio).
In addition, the Company is proposing to settle up to
The Debt Settlement is considered a "related party transactions" as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as Chris Irwin, an insider of the Company, will receive 433,119 Common Shares to settle an aggregate of
Assuming completion of the Debt Settlement, Mr. Irwin's holdings, together with his current holdings of Common Shares, will be 1,221,345 Common Shares. Based on the current agreements entered into by management with respect to the Debt Settlement and a 10:1 Consolidation ratio, there will be 1,825,849 Common Shares outstanding upon completion of the Consolidation and Debt Settlement, resulting in Mr. Irwin holding approximately
The Debt Settlement was approved by the members of the board of directors of the Company who are independent for the purposes of the Debt Settlement, being all directors other than Mr. Chris Irwin. No special committee was established in connection with the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.
An aggregate of 1,171,560 Common Shares will be excluded from voting in respect of the Debt Settlement, being the 788,227 Common Shares held by Irwin Professional Corporation, the 4,538 Common Shares held by Chris Irwin, and the 378,795 Common Shares held by Irwin Lowy LLP.
For further information, please contact:
SBD Capital Corp.
Carly Burk
Secretary
Tel: (416) 361-2515
Email: cburk@irwinlowy.com
Forward-Looking Information
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237033
FAQ
What is the proposed share consolidation ratio for SBD Capital Corp (SBDCF)?
How many shares will SBD Capital Corp (SBDCF) have outstanding after the consolidation?
What is the total debt settlement amount proposed by SBD Capital Corp (SBDCF)?
What percentage will Chris Irwin own of SBD Capital Corp (SBDCF) after the debt settlement?
What is the share price for the debt settlement in SBD Capital Corp (SBDCF)?
