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Wildpack Beverage Inc. (WLDPF) is a leading middle market co-packer in the US specializing in canned goods manufacturing and packaging. The company recently announced the closing of an amendment to its term loan with Sandton Capital Solutions Master Fund V, LP, providing an additional loan tranche of US$5,000,000. This loan will enhance liquidity to support operations and work towards achieving cash flow positive operations. Wildpack operates out of six facilities in the US, offering sustainable aluminum can filling, decorating, packaging, brokering, and logistics services to brands nationwide.
Wildpack Beverage Inc. (TSXV:CANS)(OTC PINK:WLDPF) has provided an update on its proposed Debenture Restructuring Transaction. Key points include:
1. The company entered a Third A&R Loan Agreement with Sandton, increasing the facility by US$4 million and extending the term to 2027.
2. Wildpack received Additional Funding of US$9.6 million from Sandton between June and October 2024.
3. The company plans to repurchase Debentures worth $20 million for $2 million cash and exchange remaining Debentures for Common Shares at $0.10 per share.
4. Wildpack is securing Other Sources Loans totaling $2 million to fund the Debenture Repurchase.
5. A Rights Offering is proposed to raise $3.55 million through a prospectus offering.
The company has received various approvals and is proceeding with the closing of these transactions.
Wildpack Beverage announces a restructuring transaction to manage its $45,007,000 in outstanding 8.00% convertible debentures. The proposed plan includes repurchasing $20,000,000 of these debentures for $2,000,000 in cash, delisting the debentures from the TSX Venture Exchange, and exchanging remaining debentures for common shares at $0.10 per share. Additionally, Wildpack seeks to amend its term loan with Sandton Capital, increasing the facility by $4,000,000, extending the term, and revising conversion terms. The company also aims to raise $1,325,000 in debt and conduct a rights offering to raise $3,550,000. The restructuring and concurrent transactions aim to stabilize Wildpack's financial position and improve liquidity.
Wildpack Beverage (TSXV:CANS) released its unaudited financial results for Q1 2024, ending March 31, 2024. The company also announced the resignation of Joe Bubel from its Board of Directors to avoid potential conflicts of interest. Wildpack Beverage continues to be a leading middle market co-packer of canned goods.
For further information, investors can contact Mitch Barnard, CEO, or Elijah Clare, VP of Investor Relations.
Wildpack Beverage Inc. reported strong financial performance in Q1 2024 with confirmed customer orders of $17.0 million and total throughput of 66.60 million cans. The Company also highlighted a 41% revenue growth in Q4 2023 to $13.74 million and a 24% increase in total volume compared to the previous quarter. Fiscal Year 2023 saw revenue of $56.31 million and a 4-Year Supply Agreement with Ball
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