- Menē Inc. (MENE) is pleased to announce that it has entered into a debt retirement agreement with a private institutional lender
- The company will issue 9,920,635 common shares and a C$5,057,500 cash payment to retire a total of C$10,057,500 in principal and accrued liabilities owing to the lender
- The debt retirement is subject to regulatory approvals from the TSX Venture Exchange
- Menē crafts pure 24 karat gold and platinum jewelry that is sold by gram weight
- Menē Inc. (MENE) is unchanged at C$0.57 per share at 11:30 am EST
Menē Inc. (MENE) is pleased to announce that it has entered into a debt retirement agreement with a private institutional lender.
Subject to approval from the TSXV, the company will issue 9,920,635 common shares for deemed consideration of C$5,000,000 ($0.504 per common share), and make a cash payment of C$5,057,500 to retire a total of C$10,057,500 in principal and accrued liabilities owing to the lender.
The debt retirement represents the full repayment and retirement of its remaining term loan due on March 8, 2021.
Menē appreciates the support and confidence of the lender.
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.
Menē crafts pure 24 karat gold and platinum jewelry that is sold by gram weight. Customers can purchase jewelry online, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices.
Menē Inc. (MENE) is unchanged at C$0.57 per share at 11:30 am EST.
