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TORONTO, April 07, 2021 (GLOBE NEWSWIRE) – Menē Inc. (TSX-V: MENE) (UNITED STATES: MENEF) (“Men’s” or the “Companies“, A 24-karat online jewelry brand, is pleased to announce that its debt settlement agreement with a private institutional lender (the”Lender“), Which was announced on March 12, 2021, will be closed. The Company has paid a total of $ 10,119,166.83 in principal and accrued liabilities to the Lender (the “Debt settlement“).
Final approval of the debt settlement by the TSX Venture Exchange was received on March 30, 2021. Upon completion of the debt settlement, the Company’s remaining loan debt to the lender has been fully repaid and repaid. The company values the lender’s support and confidence in the management and leadership of the company.
All securities issued pursuant to debt settlement are subject to a statutory hold period of four months and one day from the closing date.
Expansion of the Goldmoney Facility
The company is also pleased to announce that Goldmoney Inc. (“Gold money“Has extended a credit line (the”Facility“), Which enables the company to conveniently purchase precious metals from Goldmoney as part of an exclusive supply agreement dated August 20, 2017. The facility is now being replaced by a new promissory note dated 19New note“), Which contains the promissory note dated March 19, 2020 (the”Old note“). All outstanding amounts under the old bond have been used as outstanding amounts under the new bond.
The facility was made available to the company up to and including March 19, 2022, at which point it can be extended by mutual agreement for a further period. The facility has set the maximum amount of credit Goldmoney will grant the company.
About Menē Inc.Menē makes jewelry from pure 24 carat gold and platinum, which is sold transparently by gram weight. By mene.com, customers can buy jewelry, monitor the value of their collection over time, and sell or exchange their pieces by gram weight at prevailing market prices. Menē was founded by Roy Sebag and Diana Widmaier-Picasso with a mission to restore the relationship between jewelry and savings. Menē empowers consumers by combining cutting-edge technology, timeless design and pure precious metals to create pieces that will last as a store of value.
For more information on Menē, see mene.com.
Media and investor relations inquiries:
Renee WeiHead of Investor Relations[email protected]
Adil SheikhChief Financial OfficerMenē Inc. +1 289 748 3702
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. All statements that contain discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions, future events or performance (often, but not always, with phrases such as “expected” or “does not expect”, “is expected,” anticipates “or” does not expect “,” planet “,” budget “,” planned “,” forecast “,” estimates “,” believes “or” intends “or variations of such words and phrases or indicates that certain actions, events or results “may” or “could”, “would”, “could” or “will” occur or be achieved) are not statements historical facts and may be forward-looking information and is intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates made by the company’s management at the time it was prepared and involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements of the company to differ materially from future results. Differentiate accomplishments or accomplishments expressed or implied in such forward-looking information. These factors include, among others; the inability to predict and counteract the effects of COVID-19 on the company’s operations, including, but not limited to, the effects of COVID-19 and other infectious diseases posing as serious health problems on precious metals prices, capital market conditions, restriction of labor – and international travel and supply chains; Non-compliance with environmental, health and safety laws and regulations; operational or technical difficulties associated with the manufacture, sale and distribution of jewelry; actual audited results that differ from reported unaudited results; global business climate; Dilution of the company’s shares; the company’s limited operational history; future capital requirements and uncertainty in raising capital; the competitive nature of the jewelry industry; Currency risks; the need for the company to manage its planned growth and expansion; the impact of product development and the need for continuous technology and manufacturing changes; Protection of property rights; the impact of government regulation and compliance on the company and the industry; Network security risks; the company’s ability to maintain properly functioning systems; Theft and risk of personal injury; Dependence on key personnel; global economic and financial market deterioration that hinders access to capital or increases the cost of capital; and volatile securities markets that affect securities prices regardless of operating performance. While the company has attempted to identify important factors that could cause actual results to differ materially, other factors could cause results not to be as expected, estimated or intended. There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. The company assumes no obligation to revise or update any forward-looking information unless required by law.
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Source: Menē Inc.