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Ascent Industries announces debt re-financing and working-capital loan

The company said it refinanced two debt facilities and obtained C$7 million working capital through a private international lender
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The re-financing consolidates a mortgage and convertible note into one secured loan for Ascent

Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced Tuesday that it has re-financed two senior secured debt facilities and has obtained working capital through a private international lender.

The company said it has replaced the C$1.7 million first mortgage attached to its Maple Ridge property in Canada and the C$4 million convertible note in respect of the company's Las Vegas, Nevada property, with a single loan secured against both properties that includes working capital of around C$1 million.

READ: Ascent Industries adds general counsel Karim Lalani to board

The re-financing consolidates a mortgage and convertible note into one secured loan for Ascent. The company said the working capital portion totals C$7 million, with an interest rate of 10% per annum, due on July 15, 2019, or a later date as agreed upon.

In connection with the re-financing, the company said it had issued 150,000 warrants to one of the holders of the convertible note, with each warrant allowing the holder to purchase one common share of Ascent at a price of $0.30 per share, until January 4, 2021.

Shares of Ascent were flat at C$0.24 on Tuesday.

 

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Article
November 22 2018

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