Trenchant Capital Corp. (TSX.V: TCC) (the “Company”) announces that effective October 4, 2018, the 8% convertible secured debentures (the “Debentures”) of the Company will commence trading on the TSX Venture Exchange under the symbol TCC.DB.A.
The Debentures
The Debentures will mature on January 31, 2023 and the outstanding principal of the Debentures will bear interest (the “Debenture Interest”) at the rate of 8.0% per annum, payable quarterly in cash. Commencing on March 23, 2019, the outstanding principal amount of the Debentures may be converted, at the option of the holder, into common shares of the Company (each, a “Common Share”) at a conversion price equal to the greater of: (i) 95% of the volume weighted average trading price of the Common Shares for the 30 trading day period ending three business days before the conversion date, and (ii) $1.25 per Common Share, provided that, unless the conversion is being effected in connection with a redemption by the Company, no more than 25% of the aggregate principal amount of Debentures held by a holder may be converted in any 180-day period. The Company may prepay the outstanding principal of the Debentures, and the Debenture Interest thereon, in cash, at any time after March 23, 2020 by paying the Debenture holders 105% of the outstanding principal amount of the Debentures in year three, 103% of the outstanding principal amount of the Debentures in year four, and 101% of the outstanding principal amount of the Debentures in year five, plus any accrued Debenture Interest thereon.
About the Company
The Company aims to become a diversified investment and venture capital firm with a focus on providing special situation debt financing to established companies with a proven track record. The Company expects to benefit from its strategic alliance with Hillcore, a leading independent Canadian investment and advisory firm, that grants the Company rights of first negotiation to provide financing and management services to Hillcore’s pipeline of current and future private equity investments.
ON BEHALF OF THE BOARD
TRENCHANT CAPITAL CORP.
Per:“Eric Boehnke”
Eric Boehnke, CEO
For further information, please contact:
Trenchant Capital Corp.
Eric Boehnke, CEO
Phone: (604) 307-4274
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