Transformed $2 Million in Convertible Loan into Capital at Kings Chapel
CoTec Holdings Corp. Announces Conversion of Convertible Loan by Kings Chapel International
CoTec Holdings Corp., a publicly-traded investment issuer listed on the Toronto Venture Stock Exchange and the OTCQB, has announced that Kings Chapel International has converted $2 million of its outstanding convertible loan into 2,666,667 common shares of CoTec. The conversion took place under the amended and restated Convertible Loan Agreement dated November 19, 2024.
The conversion was carried out in accordance with the terms of the Amended and Restated Convertible Loan Agreement executed between CoTec and Kings Chapel. This conversion reduces the outstanding loan principal and increases the common share count by issuing shares to Kings Chapel. After the conversion, the remaining principal owed by CoTec under this agreement stands at $4,351,387.
It is important to note that this conversion is a standard debt-equity conversion mechanism, aimed at reducing debt and increasing equity. CoTec also entered new convertible loan agreements with Kings Chapel and Epic Capital for up to $6.6 million in new loans, but these are separate from the loan amount converted.
CoTec Holdings Corp. is a forward-thinking resource extraction company committed to revolutionizing the global metals and minerals industry. The company focuses on recycling, waste mining, and scalable solutions to accelerate the production of critical minerals. CoTec's strategic model delivers low capital requirements, rapid revenue generation, and high barriers to entry. The company's mission is to drive the sector towards a low-carbon future.
The press release contains forward-looking statements regarding the Corporation's business. Actual results could differ materially from those currently anticipated in the statements. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Interested readers are encouraged to connect with CoTec Holdings Corp. to receive an Investor Presentation. The press release is not for distribution to the U.S. newswire services or for dissemination in the United States.
This conversion marks another significant step for CoTec Holdings Corp., as it continues to shape the future of the metals and minerals industry with its innovative approaches and commitment to sustainability.
- As CoTec Holdings Corp. transforms the metals and minerals industry with innovative solutions, it has also ventured into the realm of finance, converting a $2 million convertible loan into common shares, as Kings Chapel International invests in its business growth.
- The conversion of a convertible loan by Kings Chapel International into common shares, along with the new convertible loan agreements with Kings Chapel and Epic Capital, signifies the significant role of technology in CoTec's strategic business model, fueling its mission to drive the sector towards a low-carbon future.
