Winchester Equity enters loan note for up to $2M (U.S.)

Executive Summary

• Winchester Equity Corp. (WEC) entered into a new secured convertible promissory note with Selma House LLC for up to US$2 million, replacing the prior US$1 million note.
• The note bears 10% annual interest (calculated monthly), matures on October 2, 2026, and is secured by all of Selma’s assets.
• WEC holds the right to convert the outstanding principal at any time into a 47.2% ownership stake in Selma; Selma has already drawn US$1 million under the facility.

Key Details

• Previous Facility: US$1 million loan to Selma, due July 24, 2026 (now cancelled).
• New Facility Size: Up to US$2 million secured convertible promissory note.
• Interest Rate: 10% per annum, calculated monthly.
• Maturity Date: October 2, 2026.
• Security: Secured against all of Selma’s assets (primarily real estate and receivables); constitutes the sole senior secured debt of Selma.
• Conversion Right: WEC may convert any or all outstanding principal into a 47.2% equity interest in Selma at any time.
• Drawn Amount to Date: Selma has drawn US$1 million of principal under the new note.

Notable Quotes

(No executive quotes provided in the release.)