Menē Inc. Announces Debt Retirement
2021年3月12日 - 9:00PM
Menē Inc. (TSX-V:MENE) (US:MENEF) (“Menē” or the “Company”), an
online 24 karat jewelry brand, is pleased to announce that it has
entered into a debt retirement agreement with a private
institutional lender (the “
Lender”). Pursuant to
the debt retirement agreement the Company will, subject to receipt
of approval of the TSX Venture Exchange, issue an aggregate of
9,920,635 common shares for deemed consideration of $5,000,000
($0.504 per common share), and make a cash payment of CAD$5,057,500
(together with any accrued and unpaid interest to the date of
completion of the debt retirement transaction), in consideration
for the retirement of a total of $10,057,500 in principal and
accrued liabilities owing to the Lender (the “
Debt
Retirement”).
The Debt Retirement represents the Company’s
full repayment and retirement of its remaining term loan
indebtedness to the Lender. The Debt Retirement improves working
capital for a loan which was due on March 8, 2021. The Company
appreciates the support and confidence of the Lender in the
Company’s management and direction.
All securities to be issued pursuant to the Debt
Retirement will be subject to a four month and one day statutory
hold period from the closing date. The Debt Retirement is subject
to all necessary regulatory approvals including from the TSX
Venture Exchange.
“We are grateful to one of our first
institutional investors for supporting Menē’s growth in our early
days of business with a transformational $20 million gold backed
loan. That capital allowed Menē to scale our business and grow our
customer base with minimal dilution to shareholders. With this
repayment, Menē has significantly improved its balance sheet and
has welcomed a strategic investor into our equity capital
structure. Menē is now well positioned to deliver sustainable
growth to shareholders into 2021 and 2022 without the need to raise
additional equity or debt capital. Our remaining outstanding debt
is owed to Goldmoney Inc. which is strategically aligned with our
long-term objectives,” said Roy Sebag, Founder and CEO of Goldmoney
Inc.
About Menē Inc.Menē crafts pure
24 karat gold and platinum jewelry that is transparently sold by
gram weight. Through mene.com, customers may buy jewelry,
monitor the value of their collection over time, and sell or
exchange their pieces by gram weight at prevailing market
prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso
with a mission to restore the relationship between jewelry and
savings. Menē empowers consumers by marrying
innovative technology, timeless design, and pure precious
metals to create pieces which endure as a store of value.
For more information about Menē,
visit mene.com.
Media and Investor Relations
Inquiries:
Renee WeiHead of Investor
Relationsir@mene.com
Adil SheikhChief Financial OfficerMenē Inc.+1
647 250 7221
Forward-Looking Statements
This news release contains certain
“forward-looking information” within the meaning of applicable
Canadian securities laws that are based on expectations, estimates
and projections as at the date of this news release. Any statements
that involve discussions with respect to predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
“expects”, or “does not expect”, “is expected”, “anticipates” or
“does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”,
“estimates”, “believes” or “intends” or variations of such words
and phrases or stating that certain actions, events or results
“may” or “could”, “would”, “might” or “will” be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information and are intended to identify
forward-looking information.
This forward-looking information is based on
reasonable assumptions and estimates of management of the Company
at the time it was made, and involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. Such
factors include, among others; an inability to predict and
counteract the effects of COVID-19 on the business of the Company,
including but not limited to the effects of COVID-19 and other
infectious diseases presenting as major health issues on the price
of precious metals, capital market conditions, restriction on
labour and international travel and supply chains; failure to
comply with environmental and health and safety laws and
regulations; operating or technical difficulties in connection with
the manufacture, sale and distribution of jewelry; actual audited
results differing from reported unaudited results; global economic
climate; dilution of the Company’s shares; the Company’s limited
operating history; future capital needs and uncertainty of raising
capital; the competitive nature of the jewelry industry; currency
exchange risks; the need for the Company to manage its planned
growth and expansion; the effects of product development and need
for continued technology and manufacturing change; protection of
proprietary rights; the effect of government regulation and
compliance on the Company and the industry; network security risks;
the ability of the Company to maintain properly working systems;
theft and risk of physical harm to personnel; reliance on key
personnel; global economic and financial market deterioration
impeding access to capital or increasing the cost of capital; and
volatile securities markets impacting security pricing unrelated to
operating performance. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially, there may be other factors that cause results
not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. The Company
undertakes no obligation to revise or update any forward-looking
information other than as required by law.
Neither 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.
Mene (TSXV:MENE)
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から 11 2024 まで 12 2024
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