EdgeTI Announces Loan Restructuring
EdgeTI (TSXV: CTRL, OTCQB: UNFYF) announced a loan restructuring with CEO Jim Barrett's company, ConnertonA The original unsecured subordinated promissory note of US$550,055 from February 2021, amended in January 2023, has been converted into a new convertible note worth US$673,813 (including US$123,758 in accrued interest).
The new convertible note maintains an 8% annual interest rate and extends maturity to October 30, 2026. Notably, the note can be converted into subordinate voting shares at CAD$0.63 per share until maturity. This restructuring represents a Related Party Transaction under MI 61-101, though the company is exempt from formal valuation and minority approval requirements. The transaction requires TSXV approval, and issued securities will have a four-month and one-day hold period.
EdgeTI (TSXV: CTRL, OTCQB: UNFYF) ha annunciato una ristrutturazione del prestito con la compagnia del CEO Jim Barrett, Connerton. La nota di prestito subordinato non garantita originale di US$550,055 risalente a febbraio 2021, modificata a gennaio 2023, è stata convertita in una nuova nota convertibile del valore di US$673,813 (compresi US$123,758 di interessi maturati).
La nuova nota convertibile mantiene un tasso di interesse annuale dell'8% e prolunga la scadenza fino al 30 ottobre 2026. È importante notare che la nota può essere convertita in azioni subordinate di voto a CAD$0,63 per azione fino alla scadenza. Questa ristrutturazione rappresenta una Transazione con Parti Correlate ai sensi del MI 61-101, sebbene l'azienda sia esente dai requisiti di valutazione formale e approvazione da parte della minoranza. La transazione richiede l'approvazione del TSXV e i titoli emessi avranno un periodo di blocco di quattro mesi e un giorno.
EdgeTI (TSXV: CTRL, OTCQB: UNFYF) anunció una reestructuración de préstamo con la compañía del CEO Jim Barrett, Connerton. La nota de promesa de préstamo subordinada no garantizada original de US$550,055, de febrero de 2021, enmendada en enero de 2023, se ha convertido en una nueva nota convertible por un valor de US$673,813 (incluyendo US$123,758 en intereses acumulados).
La nueva nota convertible mantiene una tasa de interés anual del 8% y extiende el vencimiento hasta el 30 de octubre de 2026. Notablemente, la nota puede ser convertida en acciones subordinadas con derecho a voto a CAD$0.63 por acción hasta el vencimiento. Esta reestructuración representa una Transacción con Partes Relacionadas según el MI 61-101, aunque la empresa está exenta de los requisitos de valoración formal y aprobación de la minoría. La transacción requiere la aprobación de TSXV, y los valores emitidos tendrán un período de retención de cuatro meses y un día.
EdgeTI (TSXV: CTRL, OTCQB: UNFYF)는 CEO Jim Barrett의 회사인 Connerton과 함께 대출 재구성을 발표했습니다. 2021년 2월의 원래 무담보 후순위 약속어음 US$550,055가 2023년 1월에 수정되어 US$673,813(이자 누적금액 US$123,758 포함)의 새로운 전환사채로 전환되었습니다.
새로운 전환사채는 연 8%의 이자율을 유지하며 만기를 2026년 10월 30일로 연장합니다. 주목할 점은 이 사채가 만기까지 주당 CAD$0.63로 후순위 의결권 주식으로 전환될 수 있다는 것입니다. 이 재구성은 MI 61-101에 따른 관련 당사자 거래로 간주되지만, 회사는 공식 평가 및 소수 승인 요구사항에서 면제됩니다. 이 거래는 TSXV의 승인을 요구하며, 발행된 증권은 4개월 및 1일의 보유 기간을 가집니다.
EdgeTI (TSXV: CTRL, OTCQB: UNFYF) a annoncé une restructuration de prêt avec la société du PDG Jim Barrett, Connerton. L'original billet à ordre subordonné non garanti de 550 055 USD datant de février 2021, amendé en janvier 2023, a été converti en une nouvelle note convertible d'une valeur de 673 813 USD (y compris 123 758 USD d'intérêts courus).
La nouvelle note convertible conserve un taux d'intérêt annuel de 8 % et prolonge l'échéance jusqu'au 30 octobre 2026. Notamment, la note peut être convertie en actions subordonnées à droit de vote à 0,63 CAD par action jusqu'à l'échéance. Cette restructuration représente une Transaction avec des Parties Liées selon le MI 61-101, bien que la société soit exonérée des exigences d'évaluation formelle et d'approbation minoritaire. La transaction nécessite l'approbation de la TSXV, et les titres émis auront une période de blocage de quatre mois et un jour.
EdgeTI (TSXV: CTRL, OTCQB: UNFYF) hat eine Umstrukturierung des Darlehens mit der Firma des CEO Jim Barrett, Connerton, angekündigt. Der ursprüngliche ungesicherte nachrangige Schuldschein in Höhe von 550.055 US-Dollar vom Februar 2021, der im Januar 2023 geändert wurde, wurde in einen neuen wandelbaren Schuldschein im Wert von 673.813 US-Dollar (einschließlich 123.758 US-Dollar an aufgelaufenen Zinsen) umgewandelt.
Der neue wandelbare Schuldschein behält einen jährlichen Zinssatz von 8 % bei und verlängert die Fälligkeit bis zum 30. Oktober 2026. Bemerkenswert ist, dass der Schuldschein bis zur Fälligkeit in nachrangige stimmberechtigte Aktien zu einem Preis von 0,63 CAD pro Aktie umgewandelt werden kann. Diese Umstrukturierung stellt eine Transaktion mit verbundenen Parteien gemäß MI 61-101 dar, obwohl das Unternehmen von den Anforderungen an eine formelle Bewertung und die Genehmigung durch Minderheiten befreit ist. Die Transaktion erfordert die Genehmigung durch die TSXV, und die ausgegebenen Wertpapiere unterliegen einer Haltefrist von vier Monaten und einem Tag.
- Extended loan maturity from January 2026 to October 2026
- Added share conversion option at CAD$0.63 per share, providing flexibility in debt management
- Increased total debt obligation from US$550,055 to US$673,813 due to accrued interest
- Related party transaction with CEO indicates potential conflict of interest
- No new funds provided to company through this restructuring
Arlington, Virginia--(Newsfile Corp. - January 28, 2025) - Edge Total Intelligence Inc. (TSXV: CTRL) (OTCQB: UNFYF) (FSE: Q5i) ("edgeTI", "Company"), a leading provider of real-time Digital Twin software that enables and safeguards AI adoption, announces that further to its news release dated December 31, 2024, the Company is proceeding with the loan amendment with the Company's CEO, Jim Barrett, pursuant to which the Company is adding a conversion feature to the loan.
The Company originally entered into an unsecured subordinated secured promissory note (the "Promissory Note") dated February 3, 2021, as amended on January 20, 2023, with ConnertonA LLC ("ConnertonA"), a company controlled by Jim Barrett, in the principal sum of US
The Company has issued an unsecured subordinated convertible promissory note (the "Convertible Note") to ConnertonA in the principal sum of US
As Mr. Barrett is a director and officer of the Company, the Convertible Note is considered a "Related Party Transaction" as defined in Multilateral Instrument 61-101- Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from (i) the formal valuation provisions of MI 61-101 as set out in section 5.5(b) of MI 61-101 (Issuer Not Listed on Specified Markets) on the basis that the Company is a TSX Venture Exchange listed issuer and (ii) the minority approval provisions of MI 61-101 as set out in section 5.7(1)(a) of MI 61-101 (Fair Market Value Not More than
All securities issued in connection with the Loan will be subject to a four-month and one day hold period, in accordance with applicable Canadian securities law. This transaction remains subject to acceptance by the TSX Venture Exchange ("TSXV").
About edgeTI
edgeTI helps customers sustain situational awareness and accelerate action with its real-time digital operations software, edgeCore™ that unites multiple software applications and data sources into one immersive experience. Global enterprises, service providers, and governments are more profitable when insight and action are united to deliver fluid experiences via the platform's low-code development capability and composable operations. With edgeCore, customers can improve their margins and agility by rapidly transforming their siloed systems and data across continuously evolving situations in business, technology, and cross-domain operations - helping them achieve the impossible.
Website: https://ir.edgeti.com/
LinkedIn: www.linkedin.com/company/edgeti
YouTube: www.youtube.com/user/edgetechnologies
For more information, please contact:
Nick Brigman, Corporate Secretary
Phone: 888-771-3343
Email: ir@edgeti.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
Certain statements in this news release are forward-looking statements or information for the purposes of applicable Canadian and US securities law. Forward-looking statements include but are not limited to statements regarding the completion of the Debt Settlement, issuance of the Convertible Note and amended loan agreements, and the expected benefits to the Company. These statements are based on assumptions and expectations as of the date hereof and are subject to risks and uncertainties. Such risks and uncertainties include, but are not limited to: the ability to secure all necessary regulatory approvals, including TSXV approval; potential dilution to shareholders resulting from the conversion of the Convertible Debenture; fluctuations in the Company's stock price; broader market conditions affecting investor sentiment; and the Company's financial condition and ability to fulfill obligations under the Convertible Debenture.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions.
Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, the impact of viruses and diseases on the Company's ability to operate, competition and general economic, and market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238752
FAQ
What are the terms of UNFYF's new convertible note announced in January 2025?
How much interest has accrued on UNFYF's original loan from ConnertonA ?
What is the conversion price for UNFYF's new convertible note?
How long is the hold period for securities issued under UNFYF's loan restructuring?
