SOL Global Provides Corporate Update on Solana Focused Investment
SOL Global Investments announces key debt restructuring initiatives. The company secured an extension until September 30, 2025, on its debt facilities through accommodation agreements with senior secured creditor Braebeacon Holdings (BHI). SOL's current debt to BHI is $13.2M, while its subsidiary House of Lithium owes $15.4M. The company will issue 8M common shares at $0.15 per share to satisfy a $1.2M fee to BHI.
Additionally, SOL reached agreements with creditors to settle $5.5M in debt through the issuance of 36.9M common shares at $0.15 per share, representing a premium to market price. This includes a related-party transaction with PLK Accounting & Finance for approximately $1M in debt settlement.
SOL Global Investments annuncia iniziative chiave di ristrutturazione del debito. L'azienda ha ottenuto un'estensione fino al 30 settembre 2025 per le sue strutture di debito attraverso accordi di accomodamento con il creditore senior garantito Braebeacon Holdings (BHI). L'attuale debito di SOL verso BHI è di 13,2 milioni di dollari, mentre la sua controllata House of Lithium deve 15,4 milioni di dollari. L'azienda emetterà 8 milioni di azioni ordinarie a 0,15 dollari per azione per soddisfare una commissione di 1,2 milioni di dollari verso BHI.
Inoltre, SOL ha raggiunto accordi con i creditori per risolvere 5,5 milioni di dollari di debito attraverso l'emissione di 36,9 milioni di azioni ordinarie a 0,15 dollari per azione, rappresentando un premio rispetto al prezzo di mercato. Questo include una transazione con parti correlate con PLK Accounting & Finance per circa 1 milione di dollari di risoluzione del debito.
SOL Global Investments anuncia iniciativas clave de reestructuración de deuda. La compañía aseguró una extensión hasta el 30 de septiembre de 2025 en sus instalaciones de deuda a través de acuerdos de acomodación con el acreedor senior garantizado Braebeacon Holdings (BHI). La deuda actual de SOL con BHI es de 13,2 millones de dólares, mientras que su subsidiaria House of Lithium debe 15,4 millones de dólares. La compañía emitirá 8 millones de acciones ordinarias a 0,15 dólares por acción para satisfacer una tarifa de 1,2 millones de dólares a BHI.
Además, SOL alcanzó acuerdos con los acreedores para saldar 5,5 millones de dólares en deuda mediante la emisión de 36,9 millones de acciones ordinarias a 0,15 dólares por acción, lo que representa una prima sobre el precio de mercado. Esto incluye una transacción con partes relacionadas con PLK Accounting & Finance por aproximadamente 1 millón de dólares en liquidación de deuda.
SOL Global Investments는 주요 부채 구조조정 계획을 발표했습니다. 이 회사는 선순위 담보 채권자인 Braebeacon Holdings(BHI)와의 합의 계약을 통해 부채 시설에 대해 2025년 9월 30일까지 연장하는 데 성공했습니다. SOL의 현재 BHI에 대한 채무는 1320만 달러이며, 자회사인 House of Lithium은 1540만 달러를 빚지고 있습니다. 회사는 BHI에 대한 120만 달러 수수료를 충족하기 위해 주당 0.15달러에 800만 주의 보통주를 발행할 것입니다.
또한 SOL은 3690만 주의 보통주를 주당 0.15달러에 발행하여 550만 달러의 부채를 해결하기 위해 채권자와 합의에 도달했습니다. 이 금액은 시장 가격에 대한 프리미엄을 나타냅니다. 여기에는 PLK Accounting & Finance와 관련된 약 100만 달러의 부채 정산 거래가 포함됩니다.
SOL Global Investments annonce des initiatives clés de restructuration de la dette. L'entreprise a obtenu une prolongation jusqu'au 30 septembre 2025 pour ses facilités de dette grâce à des accords de accommodation avec le créancier senior sécurisé Braebeacon Holdings (BHI). La dette actuelle de SOL envers BHI est de 13,2 millions de dollars, tandis que sa filiale House of Lithium doit 15,4 millions de dollars. L'entreprise émettra 8 millions d'actions ordinaires à 0,15 dollar par action pour satisfaire une commission de 1,2 million de dollars envers BHI.
De plus, SOL a conclu des accords avec des créanciers pour régler 5,5 millions de dollars de dettes par l'émission de 36,9 millions d'actions ordinaires à 0,15 dollar par action, représentant une prime par rapport au prix du marché. Cela inclut une transaction avec une partie liée avec PLK Accounting & Finance pour environ 1 million de dollars dans le cadre du règlement de la dette.
SOL Global Investments gibt wichtige Initiativen zur Umstrukturierung von Schulden bekannt. Das Unternehmen hat eine Fristverlängerung für seine Schuldenanlagen bis zum 30. September 2025 durch Vereinbarungen mit dem vorrangig gesicherten Gläubiger Braebeacon Holdings (BHI) gesichert. Der aktuelle Schuldenstand von SOL gegenüber BHI beträgt 13,2 Millionen Dollar, während die Tochtergesellschaft House of Lithium 15,4 Millionen Dollar schuldet. Das Unternehmen wird 8 Millionen Stammaktien zu je 0,15 Dollar ausgeben, um eine Gebühr von 1,2 Millionen Dollar an BHI zu begleichen.
Zusätzlich hat SOL Vereinbarungen mit Gläubigern getroffen, um 5,5 Millionen Dollar Schulden durch die Emission von 36,9 Millionen Stammaktien zu je 0,15 Dollar zu begleichen, was eine Prämie gegenüber dem Marktpreis darstellt. Dazu gehört eine Transaktion mit verbundenen Unternehmen mit PLK Accounting & Finance zur Begleichung von Schulden in Höhe von etwa 1 Million Dollar.
- Secured debt extension until September 30, 2025
- Successfully converted $5.5M of debt to equity at premium to market price
- Debt restructuring improves balance sheet by reducing accrued liabilities
- Significant outstanding debt: $13.2M owed to BHI
- Additional $15.4M debt through subsidiary House of Lithium
- Substantial share dilution through issuance of 44.9M new common shares
Strong Endorsement of SOL Global's Solana Strategy from debt holders through debt for equity settlement at premium to market price
Toronto, Ontario--(Newsfile Corp. - November 8, 2024) - SOL Global Investments Corp. (CSE: SOL) (OTC Pink: SOLCF) (FSE: 9SB) ("SOL" or "the Company") is pleased to announce the following updates on its debt facilities.
Accommodation Agreement with Senior Secured Lender
SOL (the "SOL Accommodation Agreement") and House of Lithium Ltd. ("HOL"), in which SOL Global holds approximately
"While we continue to emphasize on de-leveraging our balance sheet, this agreement allows us to maximize value from our investments and execution related to our new Solana focused portfolio," stated SOL's Interim CEO and CFO Paul Kania.
Debt Conversion
SOL is pleased to announce that it has reached an agreement with a number of arms-length creditors (the "Creditors") of the Company to settle (the "Settlement") outstanding indebtedness totaling
The Settlement Shares will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.
"We are pleased that our new initiative has given enough confidence to convert a substantial amount of debt to stock," stated SOL's Interim CEO and CFO Paul Kania. "This allows us to put more dollars into our investment objectives."
The Settlement transaction involving PLK Accounting & Finance Inc. ("PLK") will be a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as Paul Kania, SOL's Interim CEO and CFO, is the principal shareholder of PLK. PLK is a Creditor entitled to receive an aggregate of 6,666,667 Settlement Shares in settlement of indebtedness of approximately
About SOL Global Investments Corp.
SOL Global is a diversified international investment and private equity holding company. The Company is in the process of divesting its current investment partnerships and minority holdings. SOL Global recently announced the transition of investments to focus exclusively on digital asset technology, primarily on Solana and Solana based technologies.
CONTACT INFORMATION
SOL Global Investments Corp.
Paul Kania, Interim CEO, CFO
Phone: (212) 729-9208
Email: info@solglobal.com
Cautionary Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the successful closing of the Settlement and anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information.
The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law.
SOL Global confirms that there is no undisclosed material information of SOL Global at this time.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229285
FAQ
What is the total debt being restructured by SOL Global (SOLCF) in November 2024?
How many shares is SOL Global (SOLCF) issuing for debt settlement in 2024?
What is the new debt extension date for SOL Global (SOLCF)?
