Wildpack Provides Update on Outstanding Debenture Payments
The aggregate principal amount of debentures due for payment is C$20 million, plus accrued and unpaid interest of approximately C$2.4 million.
The Company also has an additional C$20 million of principal, plus accrued and unpaid interest of approximately C$2.4 million in respect of a series of unsecured convertible debentures due November 23, 2025 and C$5.007 million of principal, plus accrued and unpaid interest of approximately C$600,840 in respect of a series of unsecured convertible debentures due March 31, 2026.
As previously disclosed, the Company continues to be actively engaged in discussions with various stakeholders to restructure the Company's debt. Strategic and financial alternatives under consideration are focused on relieving the financial burden of the Company's current debt structure and obtaining additional financing necessary to fund ongoing operations. There can be no assurance that the current process will result in a transaction or, if a transaction is undertaken, that it will be successfully concluded in a timely manner or at all.
About Wildpack
Wildpack provides beverage manufacturing and packaging to the middle market by providing sustainable aluminum can filling, decorating, packaging, brokering, and logistics to customers throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of four facilities in Baltimore, Maryland; Grand Rapids, Michigan; Austin, Texas, and Las Vegas, Nevada. Wildpack commenced trading on the TSX Venture Exchange under the symbol 'CANS' on May 19, 2021.
Forward-Looking Statements
This news release may contain 'forward-looking statements' within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to the ability of the Company extend the due date for its debentures or to restructure its debt and the associated transactions to be completed in connection therewith. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to risks related to the ability of the Company extend the due date for its debentures or to restructure its debt and the associated transactions to be completed in connection therewith. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'will', 'could', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe', or 'continue', or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise
WILDPACK BEVERAGE INC.
Per: 'Mitch Barnard'
Mitch Barnard
Chief Executive Officer and Director
For further information, please contact us at:
[email protected]
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Wildpack Beverage Inc.
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