Volatus Aerospace Corp. Announces Intention To Amend Its Convertible Debentures
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) has announced its intention to amend the terms of its outstanding senior unsecured convertible debentures. The company plans to offer a one-time premium payment of 1% to debenture holders, payable on September 30, 2024, to those on record as of May 31, 2024. This amendment coincides with the postponement of the June 30, 2024 interest payment to September 30, 2024. The convertible debentures, totaling $2,646,000 in aggregate principal, currently bear a 12.0% annual interest rate. The proposed changes require final acceptance from the TSX Venture Exchange and approval from debenture holders representing at least 66⅔% of the outstanding principal.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) ha annunciato l'intenzione di modificare i termini dei suoi obbligazioni convertibili senior non garantite in circolazione. L'azienda prevede di offrire un pagamento di premio una tantum del 1% ai titolari di obbligazioni, pagabile il 30 settembre 2024, a quelli registrati entro il 31 maggio 2024. Questa modifica coincide con il rinvio del pagamento degli interessi previsto per il 30 giugno 2024 al 30 settembre 2024. Le obbligazioni convertibili, per un totale di $2.646.000 di capitale principale, attualmente portano un tasso di interesse annuale del 12.0%. Le modifiche proposte richiedono l'accettazione finale dalla TSX Venture Exchange e l'approvazione da parte dei titolari di obbligazioni che rappresentano almeno 66⅔% del capitale principale in circolazione.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) ha anunciado su intención de modificar los términos de sus bonos convertibles senior no garantizados en circulación. La compañía planea ofrecer un pago de prima único del 1% a los tenedores de bonos, pagadero el 30 de septiembre de 2024, a quienes estén registrados hasta el 31 de mayo de 2024. Esta enmienda coincide con el aplazamiento del pago de intereses del 30 de junio de 2024 al 30 de septiembre de 2024. Los bonos convertibles, que totalizan $2,646,000 en capital principal, actualmente tienen una tasa de interés anual del 12.0%. Los cambios propuestos requieren la aceptación final de la TSX Venture Exchange y la aprobación de los tenedores de bonos que representen al menos 66⅔% del capital principal en circulación.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF)는 자사의 미보장 고위험 전환사채 조건을 수정할 의도를 발표했습니다. 이 회사는 2024년 5월 31일 현재 기록된 채권 보유자에게 일회성 프리미엄 지급 1%을 2024년 9월 30일에 지급할 계획입니다. 이 수정은 2024년 6월 30일의 이자 지급을 2024년 9월 30일로 연기하는 것과 일치합니다. 총 $2,646,000의 주금으로 구성된 전환사채는 현재 연 12.0%의 이자율을 가지고 있습니다. 제안된 변경 사항은 TSX Venture Exchange의 최종 승인을 요구하며, 발행된 주금의 66⅔% 이상을 대표하는 채권 보유자들의 승인이 필요합니다.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) a annoncé son intention de modifier les conditions de ses obligations convertibles senior non garanties en circulation. La société prévoit d'offrir un paiement de prime unique de 1% aux détenteurs d'obligations, payable le 30 septembre 2024, à ceux enregistrés au 31 mai 2024. Cette modification coïncide avec le report du paiement des intérêts du 30 juin 2024 au 30 septembre 2024. Les obligations convertibles, totalisant 2.646.000 $ en capital principal, portent actuellement un taux d'intérêt annuel de 12.0%. Les modifications proposées nécessitent l'acceptation finale de la TSX Venture Exchange et l'approbation des détenteurs d'obligations représentant au moins 66⅔% du capital principal en circulation.
Volatus Aerospace Corp. (TSXV:VOL)(OCTQB:VLTTF) hat seine Absicht angekündigt, die Bedingungen seiner ausstehenden unbesicherten wandelbaren Anleihen zu ändern. Das Unternehmen plant, den Anleiheinhabern eine einmalige Prämienzahlung von 1% anzubieten, die am 30. September 2024 fällig ist, an diejenigen, die am 31. Mai 2024 registriert sind. Diese Änderung fällt mit der Verschiebung der Zinszahlung vom 30. Juni 2024 auf den 30. September 2024 zusammen. Die wandelbaren Anleihen, die insgesamt 2.646.000 US-Dollar an Hauptbetrag ausmachen, haben derzeit einen jährlichen Zinssatz von 12.0%. Die vorgeschlagenen Änderungen erfordern die endgültige Genehmigung der TSX Venture Exchange und die Zustimmung von Anleiheinhabern, die mindestens 66⅔% des ausstehenden Hauptbetrags repräsentieren.
- Debentureholders have already given requisite approval for the amendment and interest payment postponement
- The company is offering an additional 1% premium payment to debenture holders
- Postponement of interest payment from June 30, 2024 to September 30, 2024 indicates potential cash flow issues
- The need to amend debenture terms may suggest financial challenges for the company
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
TORONTO, ON / ACCESSWIRE / August 16, 2024 / Volatus Aerospace Corp. ("Volatus" or the "Company") (TSXV:VOL)(OCTQB:VLTTF), a leader in the operation of piloted and remotely piloted aircraft systems (drones), announces that, pursuant to TSX Venture Exchange (the "Exchange") Policy 4.1 - Private Placements, the Company has submitted an application to the Exchange for acceptance of an amendment to the terms of the Company's issued and outstanding senior unsecured convertible debentures (the "Convertible Debentures"), which bear interest at a rate of
The Company will amend the terms of the Convertible Debentures to provide for an additional one-time premium payment to holders of Convertible Debentures (the "Debentureholders") equal to
About Volatus
Volatus Aerospace Corp. is a leading international provider of aerial intelligence solutions, using drones and commercial aircraft. Volatus serves civil, public safety, and defense markets with imaging and inspection, security and surveillance, equipment sales and support, training, as well as R&D, design, and manufacturing. We are focused on introducing green and innovative drone solutions to supplement and replace traditional aircraft and helicopters for long-linear inspections such as pipeline, energy, rail, and cargo services. Volatus is committed to carbon neutrality; the fostering of a safe, equitable and inclusive workplace; and responsible governance.
Contact Details
Abhinav Singhvi
Chief Financial Officer
Volatus Aerospace Corp.
Abhinav.singhvi@volatusaerospace.com
Neither the 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. The TSX Venture Exchange has in no way passed upon the merits of the Debenture Amendment and has neither approved nor disapproved the content of this press release.
Forward-Looking Statements
This news release may contain forward-looking information and forward-looking statements (within the meanings of applicable securities laws) which reflect the Company's current expectations regarding future events. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the future success of the Company's business. Forward-looking statements in this news release include, but are not limited to,: receipt of final acceptance of the Exchange with respect to the Debenture Amendment; receipt of the requisite Debentureholder consent to approve the Debenture Amendment and postponement of the June 30, 2024 interest payment; the Company entering into a supplemental indenture to reflect the Debenture Amendment; and timing of the June 30, 2024 interest payment.
The forward-looking statements in this news release are based on current assumptions and expectations of management of the Company. The forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Actual events and conditions could differ materially from those expressed or implied in this news release as a result of known or unknown risk factors and uncertainties affecting the Company. Several factors could cause results to differ materially from those discussed in the forward-looking statements, including risks regarding the industry in which the Company operates, economic factors, the equity markets generally and risks associated with growth and competition. Additional risk factors are also set forth in the Company's annual information form and other filings available on the Company's SEDAR+ profile at www.sedarplus.ca. Although the Company has attempted to identify certain factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Therefore, readers should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise any forward-looking statement publicly, whether as a result of new information, future events or otherwise.
SOURCE: Volatus Aerospace Corp.
View the original press release on accesswire.com
FAQ
What changes is Volatus Aerospace Corp. (VLTTF) proposing to its convertible debentures?
What is the current total value of Volatus Aerospace Corp.'s (VLTTF) outstanding convertible debentures?
What approvals are required for Volatus Aerospace Corp. (VLTTF) to amend its convertible debentures?
What is the current interest rate on Volatus Aerospace Corp.'s (VLTTF) convertible debentures?
