Wildpack Announces Proposed Restructuring Transaction

VANCOUVER, BC / ACCESSWIRE / July 5, 2024 / Wildpack Beverage Inc. (TSXV:CANS) (OTC PINK:WLDPF), a leading middle market co-packer of canned goods, has announced a restructuring transaction for its 8.00% convertible unsecured subordinated debentures totaling $45,007,000. The Debenture Restructuring Transaction involves the repurchase of debentures worth $20,000,000 from three major holders for $2,000,000 in cash, delisting the debentures from the TSX Venture Exchange, and exchanging remaining debentures for common shares at $0.10 per share.

Concurrent transactions include amending a term loan with Sandton Capital Solutions, increasing its size by USD$4,000,000, and raising $1,325,000 from other sources, with lenders given an option for an interest-bearing loan or a share of repurchased debentures. The company will also conduct a rights offering to raise $3,550,000. Funds from the rights offering will repay debts from the amended Sandton loan and other sources loan.

The company aims to complete these transactions following necessary approvals. Upon completion, Wildpack expects no debentures to remain outstanding, with issued common shares subject to a hold period under applicable securities laws.