$VNUE Restructures $857,000 of Convertible Debt an
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Posted On: 09/27/2021 1:57:00 PM
$VNUE Restructures $857,000 of Convertible Debt and Interest Into Promissory Note
https://www.prnewswire.com/news-releases/vnue...85759.html
NEW YORK, Sept. 27, 2021 /PRNewswire/ -- VNUE, Inc. (OTC: "VNUE"
announced today that its largest creditor, YLimit, LLC has agreed to restructure its existing 10% convertible note of $492,528 of principal and $364,629 in interest to an 8%, $857,157 non-convertible promissory note due and payable on September 30, 2022.
Zach Bair, Chairman and CEO stated, "Agreeing to this transaction is another tremendous vote of confidence by YLimit, our largest and oldest investor. On May 17, 2021, YLimit converted $963,000 of its debt to equity. Now, they are agreeing to restructure their convertible note in a straight promissory note. Although I have remained confident that Ylimit has had no intention of converting their debt and interest into what would have amounted to approximately 857,000,000 shares of our common stock, this restructure sends a definitive message to our shareholders and investors that any perceived overhang of these shares from a potential convertible note conversion is now completely eliminated. This puts the Company in a much better position for its continued quest to uplist to the OTCQB market.
Mr. Bair continued, "On December 31, 2020 we had convertible notes payable of $1,956,922, and a derivative liability of $3,156,582 on our balance sheet. With this transaction, I am very pleased to report that we now have just $635,714 in convertible debt and our derivative liability is zero."
https://www.prnewswire.com/news-releases/vnue...85759.html
NEW YORK, Sept. 27, 2021 /PRNewswire/ -- VNUE, Inc. (OTC: "VNUE"
announced today that its largest creditor, YLimit, LLC has agreed to restructure its existing 10% convertible note of $492,528 of principal and $364,629 in interest to an 8%, $857,157 non-convertible promissory note due and payable on September 30, 2022. Zach Bair, Chairman and CEO stated, "Agreeing to this transaction is another tremendous vote of confidence by YLimit, our largest and oldest investor. On May 17, 2021, YLimit converted $963,000 of its debt to equity. Now, they are agreeing to restructure their convertible note in a straight promissory note. Although I have remained confident that Ylimit has had no intention of converting their debt and interest into what would have amounted to approximately 857,000,000 shares of our common stock, this restructure sends a definitive message to our shareholders and investors that any perceived overhang of these shares from a potential convertible note conversion is now completely eliminated. This puts the Company in a much better position for its continued quest to uplist to the OTCQB market.
Mr. Bair continued, "On December 31, 2020 we had convertible notes payable of $1,956,922, and a derivative liability of $3,156,582 on our balance sheet. With this transaction, I am very pleased to report that we now have just $635,714 in convertible debt and our derivative liability is zero."
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