Advantex Announces Amendment to Debentures

Executive Summary

• Advantex obtained holder approval to extend the maturity of its $7.759 M 9% Senior Secured Non‑Convertible Debentures from 31 Dec 2025 to 31 Dec 2027 and defer the related interest payment.
• A new penalty provision was added: if principal and accrued interest are not repaid by the extended maturity, a 2.25% penalty of the principal will be payable (no additional interest on the penalty).

Key Details

• Original Debentures: 9% Senior Secured Non‑Convertible, aggregate principal $7,759,000, maturing 31 Dec 2025.
• Amended Maturity Date: Extended to 31 Dec 2027.
• Interest Deferral: Interest originally due on 31 Dec 2025 will now be payable on 31 Dec 2027.
• Penalty Clause Added:
• If the corporation fails to repay full principal and accrued interest by 31 Dec 2027, it must pay a penalty equal to 2.25% of the principal amount of each Debenture.
• No additional interest accrues on the penalty amount.
• Approval Process: Amendment approved by holders of the Debentures in accordance with the terms of the original issuance.

Notable Quotes

(No executive quotes were provided in the release.)