VANCOUVER, British Columbia, April 9, 2024 (GLOBE NEWSWIRE) — Amcomri Entertainment Inc.Amkomri” or “company(Cboe CA: AMEN) (Frankfurt: 25YO) (OTC: AMNNF) is pleased to announce that the Company has amended and recalculated its existing credit facility.
The Company has amended and restated the agreements governing the Company's US$1.25 million credit facility and US$3.2 million working capital facility, extending the financing terms to June 30, 2024. Additionally, with effect from January 1, 2024, the following interest rates are: Loans are set at fifteen percent (15%) per annum, and the amount payable under each loan is equivalent to an amount of US$1.00 to £0.785,024 Converted from US dollars to British pounds at the rate. Amounts drawn under the Credit Facility may be repaid by us at any time without penalty.
The lender, Oranmore Limited, is an entity beneficially owned and controlled by Paul McGowan, the Company's Chairman. Amendments to agreements governing loans and credit facilities constitute “related party transactions” as defined in Multilateral Instrument 61-101. Protection of minority security holders in special transactions (“MI 61-101“) as the lender is an entity beneficially owned and controlled by the Company's Chairman, Paul McGowan.
Notwithstanding the foregoing, the Company is exempt from the formal valuation requirements under Section 5.5(a) of MI 61-101 because neither the fair market value of the subject matter of the transactions nor the fair market value of the consideration for those transactions has been determined. Exempted. represents more than 25% of the Company's market capitalization to the extent interested parties are involved, and the Company confirms that it has not obtained any valuations related to the transaction in the 24 months prior to entering into the amendment . In addition, we are exempt from the requirement to obtain minority shareholder approval under Articles 5.7(1)(a) and 5.7(1)(f) of MI 61-101. To the extent interested parties are involved, the fair market value of the consideration in the transaction also exceeds 25% of our market capitalization and the transaction is an amendment obtained by us from related parties on reasonable commercial terms. To us, the financing is no less favorable than if it were obtained from a person with whom we are dealing at arm's length, and in some cases, advances under a loan or credit facility may not be convertible into equity.
The amended terms were resolved through arm's length negotiations between our Chief Financial Officer and Oranmore Limited. The proposed amendments were then reviewed by an independent member of our Board of Directors and unanimously recommended to our Board of Directors, taking into account, among other things, the impact of the transaction on our balance sheet, liquidity and overall stability. Ta. , following such recommendation, the board unanimously approved the transaction, with Paul McGowan expressing his interest and refraining from any discussion or vote on the transaction.
Because the negotiations had just been concluded, the Company did not file a material change report 21 days prior to the implementation of the transaction.
Forward-looking statements
This press release contains statements that constitute “forward-looking statements” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. also includes our drawdown and repayment intentions. Regarding the Credit Facility and future business activities related to the Credit Facility. Forward-looking statements often include words such as “may,” “will,” “could,” “should,” “will,” “intend,” or “plan.” ”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.
Investors should be aware that forward-looking statements are not based on historical facts, but rather are based on management's opinions, assumptions and estimates that are believed to be reasonable at the time the statements are made. or reflect our expectations, estimates and predictions regarding events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and are subject to unknown or unpredictable factors. may have a material adverse effect on future results, performance or performance and should not be relied upon unduly. our company's. Key factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include: changes in general economic, business and political conditions, including changes in financial markets; changes in applicable laws and regulations in both local and foreign jurisdictions; Compliance with extensive government regulations. risks and uncertainties associated with foreign markets; and the risks and uncertainties described in the section entitled “Risk Factors” of the Company's Annual Information Form dated April 14, 2023. Available from your profile. These forward-looking statements are subject to risks and uncertainties in our business and general market conditions.
If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove incorrect, actual results may differ from those contemplated herein. , may differ materially from what was planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially. may change, and such changes could be material. All forward-looking statements contained in this press release are subject to the foregoing cautionary statements and do not indicate that the results or developments anticipated by the Company will be realized or, even if materially realized, the expected results will not be as expected. There is no guarantee that you will get it. the results and effects on our business, financial condition and results of operations; Unless otherwise specified or the context indicates otherwise, the forward-looking statements contained herein speak only as of the date hereof and, unless otherwise required, the Company does not intend to predict future forward-looking statements. We do not intend, and assume no obligation, to update any forward-looking statements. Applicable Law.
Investors are cautioned that trading in our securities should be considered highly speculative. For a more detailed discussion of such risks and uncertainties, please refer to the section titled “Risk Factors” in our Annual Information Form dated April 14, 2023. This form is available under SEDAR+ Company Profile at www.sedarplus.ca.
About AMCOMI Entertainment Co., Ltd.
Amcomri Entertainment Inc. (Cboe CA: AMEN) (Frankfurt: 25Y0) provides worldwide distribution capabilities to independent film, documentary, TV series producers and homegrown productions. With decades of experience across all major media platforms, his Amcomri is quickly becoming the go-to team for independent producers seeking the widest possible audience for their work. Amcomri Entertainment Inc.'s group of companies includes 101 Films, 101 Films International, Hollywood Classics International, Appreciated Media Global, Amcomri Productions, and Abacus Media Rights.
For more information about Amcomri, please see our disclosure document on SEDAR+. www.sedarplus.ca Or visit the company's website at: https://amcomrientertainmentinc.com/
For more information, please contact us below. | |
larry howard Amcoli, Chief Financial Officer Email: larry.howard@amcomri.com Phone: +353-87-686-8255 |
trevor heisler MBC Capital Market Advisors Email: theisler@maisonbrison.com Phone: 1-416-500-8061 |