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Acasta to issue class B shares in trade for C$4.78 million debt
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Acasta Enterprises Inc. said a holder of its high-yield secured debt, WFI Inc., has agreed to convert the maximum principal amount of the debt permitted by the Toronto Stock into equity of Acasta.
The agreement is “in accordance with the corporation’s plan to urgently reduce its outstanding high-yield secured debt,” Acasta said in a news release on Friday.
Under the terms of the conversion, WFI agreed to convert C$4,783,578 of high-yield secured debt into 6,499,426 class B shares at a deemed price of C$0.736 per share.
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