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TIMIA Announces Maturity of $2 Million in Convertible Debentures
Wednesday, October 14, 2020Company Profile | Follow Company
~$2 million of convertible debentures issued in October 2015 come to maturity with more than half being reinvested in TIMIA~
Vancouver, BC, October 14, 2020--(T-Net)--TIMIA Capital (TSX-V:TCA) announced today that the convertible debentures issued in 2015 matured on October 7th, 2020.
The principal amount of the matured Debentures was $2,051,000.
Debenture holders have chosen to:
- receive $887,500 of their principal back in the form of cash,
- convert $530,000 into common shares resulting in the issuance of 3,785,714 common shares, and,
- extend the maturity of $633,500 of Debentures in order to participate in the exchange option for the proposed issuance of 8% preferred shares pursuant to the Company's short form prospectus offering.
Should the short form prospectus offering of preferred shares not proceed for any reason, those Debenture holders that have chosen to extend the maturity date to November 27th, 2020 in order to participate in the exchange option, will receive repayment of the principal in cash on that date.
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'We appreciate the show of support with more than $1.1 million of the Debentures being reinvested in TIMIA through the conversion to common shares and the participation in the exchange option under our proposed offering of 8% preferred shares,' said Mike Walkinshaw, CEO of TIMIA.
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About TIMIA Capital Corporation
TIMIA Capital Corporation is a specialty finance company that provides growth capital to technology companies in exchange for payments based on monthly revenue. This alternative financing option complements both debt and equity financing, while allowing entrepreneurs and existing stakeholders to retain ownership and control of their business. TIMIA's singular focus is the fast growing, global, business-to-business Software-as-a-Service (or SaaS) segment. We align ourselves with entrepreneurial management teams growing their sales from $2 Million to $20 Million in Annual Recurring Revenue. For more information about TIMIA Capital Corporation, please visit www.timiacapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Information
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, 'forward-looking statements'). Forward-looking statements normally contain words like 'believe', 'expect', 'anticipate', 'plan', 'intend', 'continue', 'estimate', 'may', 'will', 'should', 'ongoing', 'proposed' and similar expressions, and within this news release include any statements (express or implied) respecting the extension of the maturity date of the Debentures, the repayment of principal on the revised maturity date, the participation of certain Debenture holders in the exchange option under the Company's preferred share offering, and completion of the Company's proposed preferred share offering. Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances, including, without limitation, the following assumptions: that the Company will be able to repay the principal of the Debentures on the extended maturity date and that the Company will complete its proposed preferred share offering on the terms presently anticipated.
Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to TIMIA's business. Material risks and uncertainties applicable to the forward-looking statements set out herein include, but are not limited to, the Company having insufficient financial resources to achieve its objectives; availability of financing to complete the proposed preferred share offering; general economic risks; new laws and regulations and risk of litigation. Although TIMIA has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of TIMIA. Accordingly, readers should not place undue reliance on forward-looking statements. TIMIA undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.
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