MiMedia Announces Amendments to Outstanding Convertible Debentures

Executive Summary

• MiMedia Holdings Inc. obtained holder consent to amend its $1,000 unsecured convertible debentures, extending maturity to June 27 2027 and increasing the interest rate to 12.5% per annum.
• As part of the amendment, each outstanding debenture will receive 769 warrants at a $0.65 exercise price and 500 warrants at a $1.00 exercise price, exercisable from June 27 2026 to June 27 2027.
• The amendments and warrant issuances are subject to final acceptance by the TSX Venture Exchange; no additional cash consideration is required from debentureholders.

Key Details

• Debentures Affected: 3,195 unsecured convertible debentures outstanding, aggregate principal $3,195,000 (issued March 14 2023 and July 20 2023).
• Maturity Extension: New maturity date moved from March 14 2026 to June 27 2027.
• Interest Rate Change: Increased from 10.0% to 12.5% per annum.
• Warrant Allocation (per debenture):
• 769 subordinate voting share purchase warrants at $0.65 exercise price.
• 500 subordinate voting share purchase warrants at $1.00 exercise price.
• Warrant Terms: Each warrant exercisable for one subordinate voting share; exercisable any time on or after June 27 2026 and expires on June 27 2027.
• Supplemental Documentation: Second Supplemental Debenture Indenture (dated March 13 2026) and Supplemental Warrant Indentures filed on SEDAR+.
• Regulatory Condition: Completion of amendments and warrant issuance pending final acceptance by the TSX Venture Exchange.

Notable Quotes

• “The amendment provides greater flexibility for our capital structure while aligning the terms of the existing debentures with those of the recently issued 2027 Debentures,” – Chris Giordano, President and CEO.