TORONTO – (COMMERCIAL THREAD) – Advantex Marketing International Inc. (CSE: ADX) (“Advantex“), a leading provider of cash advance and loyalty products for merchants, today announced the completion of the financing through senior secured non-convertible debentures previously announced on February 25, 2021. The financing has was completed pursuant to the terms of the Partial Revocation Order issued by the Ontario Securities Commission on February 25, 2021, partially revoking the Cease Trade Order for Failure to File issued against Advantex on November 1, 2019 (the “FFCTO“).
Advantex issued $ 250,000 of senior secured non-convertible debentures (the âFunding“) which bear interest at a rate of 9% per annum and mature on December 31, 2025 (the”New debentures“). The new debentures are on the same terms and rank pari passu with the existing senior secured non-convertible debentures (“Existing debenturesâ) Bearing interest at 9% per year. The holders of the Existing Debentures have also agreed to extend the maturity date of the Existing Debentures from December 31, 2021 to December 31, 2025.
The proceeds of the Funding will be used to pay: (i) the preparation and filing of outstanding continuous disclosure documents and late filing fees with applicable regulatory authorities; (ii) legal costs incurred in connection with the Partial Revocation Order, the revocation of the FFCTO and the Funding; (iii) operating and general administration costs; (iv) payment of accounts payable incurred in the normal course of business; and (v) partial financing of its Merchant Cash Advance activity, while public health restrictions are gradually being relaxed in Canada. Once these deposits are completed, Advantex will request a complete revocation of the FFCTO.
About Advantex Marketing International Inc.
Advantex provides working capital to traders. Advantex also offers specialized marketing programs that allow Aeroplan members to accumulate Aeroplan points at participating merchants.
Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information, see the Advantex profile on www.sedar.com
This press release contains “forward-looking statements” within the meaning of applicable securities laws relating to the future business and operations of Advantex. Actual results and developments may differ materially from those contemplated by these statements. The business and operations of Advantex described in this document depend on a number of factors and are subject to a number of risks and uncertainties. Factors that could cause actual results to differ materially include, without limitation, changes in the economic and competitive conditions of Advantex, including, but not limited to, the industry sectors in which Advantex operates.
The statements contained in this press release are made as of the date of this press release. Forward-looking statements are made based on the beliefs, estimates and opinions of management at the date the statements are made and Advantex does not undertake to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change, unless required by law.