Refinancing22 Mar 2022 12:48
Been pretty quiet on this since announcement of term sheet?
The Company has received a binding term sheet from a Swiss Investment Banking and Asset Management Boutique (‘Boutique’) for the refinancing of the outstanding amount of USD $6,250,000 due under the BID. The term sheet is conditional on the transfer of the Boutique’s client funds upon the execution of definitive legal documentation including the assignment of the relevant security assets.
Under the existing terms of the BID, the outstanding amount of the first issuance was due for repayment on 31 January 2022; however the Company and Atlas have executed a deed for a variation of terms to the BID to allow for a three month extension in order to close the refinancing transaction which is expected to be completed in Q1 2022.
7 working days for Vasts expectations to be met then to sort refinancing. I’m not expecting them to pull this off as they’ve stated, so that leaves end of April as a hard stop if not sorted..