NetworkNewsBreaks – Redfund Capital Corp. (CSE:
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Posted On: 04/05/2019 3:33:31 PM
NetworkNewsBreaks – Redfund Capital Corp. (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) Increases Stake in Mary’s Wellness Ltd. through Equity-for-Debt Swap
Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) recently completed an equity-for-debt swap, converting its C$100,000 loan to Mary’s Wellness Ltd. into equity. A recent article discussing the company reads, “The equity-for-debt swap converts C$100,000, extended to Mary’s Wellness Ltd. (“MWL”) as the first tranche of a convertible secured promissory note, into equity (http://nnw.fm/7nQiq). Late in 2018, Redfund agreed to provide C$1 million of debt financing to Mary’s Wellness Ltd, under a promissory note, with the option to convert in part or its entirety at Redfund’s discretion at any time during the term. The remaining C$900,000 remains covered by the promissory note, which is secured by a general security agreement on the assets of MWL. In addition, Redfund was granted the right of first refusal in providing financing to MWL under the same business terms previously offered. Conversion of the first tranche will give Redfund an ownership stake of 5.55 percent of Mary’s Wellness Ltd.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Redfund Capital (CSE: LOAN) (OTC: PNNRF) (Frankfurt: O3X4) recently completed an equity-for-debt swap, converting its C$100,000 loan to Mary’s Wellness Ltd. into equity. A recent article discussing the company reads, “The equity-for-debt swap converts C$100,000, extended to Mary’s Wellness Ltd. (“MWL”) as the first tranche of a convertible secured promissory note, into equity (http://nnw.fm/7nQiq). Late in 2018, Redfund agreed to provide C$1 million of debt financing to Mary’s Wellness Ltd, under a promissory note, with the option to convert in part or its entirety at Redfund’s discretion at any time during the term. The remaining C$900,000 remains covered by the promissory note, which is secured by a general security agreement on the assets of MWL. In addition, Redfund was granted the right of first refusal in providing financing to MWL under the same business terms previously offered. Conversion of the first tranche will give Redfund an ownership stake of 5.55 percent of Mary’s Wellness Ltd.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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