Novra Announces Extension of SNAPS Convertible Loan Agreement
Novra Technologies (TSXV: NVI) has announced an extension of its Convertible Loan Agreement with SNAPS Holding Company until July 31, 2025. The loan agreement, worth CAN $12.258 million, carries a 1% annual interest rate for two years and can be converted to common shares at CAD $0.34 per share. SNAPS has faced delays in its commercial real estate divestiture plan due to geopolitical factors and market uncertainties but remains committed to the agreement.
SNAPS expects to receive initial funding in early to mid-May 2025, with the first tranche scheduled for disbursement to Novra by May 15th. Additional tranches are planned for May, June, and July. Currently, Novra's Directors and Officers are under a trading blackout until further notice.
Novra Technologies (TSXV: NVI) ha annunciato un'estensione del suo Accordo di Prestito Convertibile con SNAPS Holding Company fino al 31 luglio 2025. L'accordo di prestito, del valore di 12,258 milioni di dollari canadesi, prevede un tasso d'interesse annuo dell'1% per due anni e può essere convertito in azioni ordinarie a CAD 0,34 per azione. SNAPS ha subito ritardi nel piano di dismissione del suo patrimonio immobiliare commerciale a causa di fattori geopolitici e incertezze di mercato, ma rimane impegnata nell'accordo.
SNAPS prevede di ricevere i fondi iniziali tra l'inizio e la metà di maggio 2025, con la prima tranche prevista per il 15 maggio. Ulteriori tranche sono programmate per maggio, giugno e luglio. Attualmente, i Direttori e i Dirigenti di Novra sono soggetti a un divieto di negoziazione fino a nuovo avviso.
Novra Technologies (TSXV: NVI) ha anunciado una extensión de su Acuerdo de Préstamo Convertible con SNAPS Holding Company hasta el 31 de julio de 2025. El acuerdo de préstamo, valorado en 12,258 millones de dólares canadienses, tiene una tasa de interés anual del 1% durante dos años y puede convertirse en acciones ordinarias a CAD 0.34 por acción. SNAPS ha enfrentado retrasos en su plan de desinversión de bienes raíces comerciales debido a factores geopolíticos e incertidumbres del mercado, pero sigue comprometido con el acuerdo.
SNAPS espera recibir la financiación inicial a principios o mediados de mayo de 2025, con el primer tramo programado para desembolsarse a Novra antes del 15 de mayo. Se planean tramos adicionales para mayo, junio y julio. Actualmente, los Directores y Oficiales de Novra están bajo una suspensión de negociación hasta nuevo aviso.
Novra Technologies(TSXV: NVI)는 SNAPS Holding Company와의 전환 대출 계약을 2025년 7월 31일까지 연장했다고 발표했습니다. 이 대출 계약은 1,225만 캐나다 달러 규모로, 2년간 연 1% 이자율이 적용되며 주당 CAD 0.34에 보통주로 전환할 수 있습니다. SNAPS는 지정학적 요인과 시장 불확실성으로 인해 상업용 부동산 매각 계획에 지연이 있었으나 계약 이행에 계속 전념하고 있습니다.
SNAPS는 2025년 5월 초에서 중순 사이에 초기 자금을 받을 것으로 예상하며, 첫 번째 분할 지급은 5월 15일까지 Novra에 이루어질 예정입니다. 추가 분할 지급은 5월, 6월, 7월에 계획되어 있습니다. 현재 Novra의 이사 및 임원들은 추가 공지가 있을 때까지 거래 금지 상태입니다.
Novra Technologies (TSXV : NVI) a annoncé une prolongation de son contrat de prêt convertible avec SNAPS Holding Company jusqu'au 31 juillet 2025. Ce contrat de prêt, d'une valeur de 12,258 millions de dollars canadiens, porte un taux d'intérêt annuel de 1 % pendant deux ans et peut être converti en actions ordinaires au prix de 0,34 CAD par action. SNAPS a rencontré des retards dans son plan de cession d'immobilier commercial en raison de facteurs géopolitiques et d'incertitudes du marché, mais reste engagé dans l'accord.
SNAPS prévoit de recevoir les premiers fonds entre début et mi-mai 2025, la première tranche devant être versée à Novra avant le 15 mai. D'autres tranches sont prévues en mai, juin et juillet. Actuellement, les administrateurs et dirigeants de Novra sont soumis à une interdiction de négociation jusqu'à nouvel ordre.
Novra Technologies (TSXV: NVI) hat die Verlängerung seines Wandeldarlehensvertrags mit der SNAPS Holding Company bis zum 31. Juli 2025 bekannt gegeben. Der Darlehensvertrag im Wert von 12,258 Millionen kanadischen Dollar trägt einen jährlichen Zinssatz von 1 % für zwei Jahre und kann zu einem Umwandlungspreis von 0,34 CAD pro Aktie in Stammaktien umgewandelt werden. SNAPS hat aufgrund geopolitischer Faktoren und Marktunsicherheiten Verzögerungen bei seinem Plan zur Veräußerung von Gewerbeimmobilien erlitten, bleibt jedoch dem Vertrag verpflichtet.
SNAPS erwartet die erste Finanzierung Anfang bis Mitte Mai 2025, wobei die erste Tranche bis zum 15. Mai an Novra ausgezahlt werden soll. Weitere Tranchen sind für Mai, Juni und Juli geplant. Derzeit unterliegen die Direktoren und Führungskräfte von Novra bis auf Weiteres einem Handelsverbot.
- Potential access to significant funding of CAN $12.258 million
- Low interest rate of 1% per annum on the convertible loan
- SNAPS confirms commitment to the agreement and prioritizes Novra in their strategic vision
- First tranche of funding expected by May 15th, 2025
- Extended delays in receiving the loan funds due to SNAPS' real estate divestiture challenges
- No funds have been received yet from the convertible loan agreement
- Transaction completion remains uncertain
- Current trading blackout for company insiders
Winnipeg, Manitoba--(Newsfile Corp. - May 7, 2025) - Novra Technologies Inc. (TSXV: NVI) ("Novra") is issuing this notice to provide a status update and announce an extension on its binding Convertible Loan Agreement ("Loan") with SNAPS Holding Company ("SNAPS"), which it initially announced on September 10, 2024 and provided further disclosure for on December 19, 2024.
As disclosed in previous statements, under the agreement SNAPS which is an arm's-length party, will provide CAN
The current agreement, which expired on March 31, 2025, has now been extended until July 31, 2025, with all other terms of the Loan agreement remaining unchanged.
SNAPS has reported to Novra that for the past 6 months it has been engaged diligently in divesting its targeted commercial real estate (CRE) holdings to reinvest the capital in identified high-growth technology entities such as Novra. Geopolitical factors including tariff turmoil, financial market uncertainties, and lending delays have led to an unfortunate slowdown in SNAPS' CRE divestiture plan. However, Novra has received SNAPS' assurance that the delays are temporary, and SNAPS remains fully committed to completing the "Loan" agreement.
Novra has agreed to SNAPS' request for an extension to the "Loan" based on its extensive discussions with them about SNAPS' ongoing divestiture transactions and after evidence was provided by SNAPS that has confirmed a funding source, with funds expected to be received by SNAPS in early to mid-May 2025. Additional SNAPS' asset sales are expected to close later this summer.
SNAPS has committed to Novra that they have prioritized and budgeted funds from these sales for Novra, as it regards Novra as a priority and key to execute its strategic vision of introducing technologically advanced and disruptive technologies in the IoT domain. We expect that the first tranche of the loan will be received by Novra on or before May 15th with additional tranches later in May, June and July.
"During these unforeseen delays of the past six months, SNAPS deeply values the patience, trust, and continued support of the Novra management team and its shareholders. SNAPS confirms its steadfast commitment to fulfilling its obligations under this binding agreement and acknowledges the success of its strategy remains anchored in Novra's technology, engineering expertise, and operational efficiency and leveraging these strategic assets to drive and scale SNAPS global deployments." states a SNAPS' spokesperson.
As insiders, Novra's Directors and Officers are currently subject to a trading blackout and this will continue for an additional one-week period after an update announcing an end to the blackout, or an announcement that the Loan has closed, is released.
As Novra has not yet received any funds for the Convertible Loan Agreement, the company cautions investors to refrain from placing undue reliance on statements regarding this potential transaction. Novra can provide no assurance that the convertible loan agreement will be completed as proposed, or at all.
About Novra Technologies Inc.:
Novra (TSXV: NVI) (OTCQB: NVRVF) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra Technologies Inc, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications, including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.
For more information visit: www.novragroup.com
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, concerning but not limited to: pending closing of this transaction, required TSX Venture Exchange approval of this transaction, Shareholder approval of this transaction, and anticipated developments in our operations in future periods. Forward-looking statements are generally identifiable by words such as "expect", "anticipate", "believe", "intend", "estimate", "predict", "outlook", "opportunity", "momentum", "potential", "proposed", "targeted", "plans" "possible", "positive indication for", "looking forward to", "getting ready to", "is starting to", and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. As such, forward-looking statements are not historical facts but reflect our current assumptions and expectations regarding future events. These are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and assumptions. Some of these risks and uncertainties are described under the "Risks and Uncertainties" section of Novra's MD&A.
For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
# # #
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251098
FAQ
What is the size and terms of Novra Technologies' (NVRVF) convertible loan agreement with SNAPS?
When is SNAPS expected to provide the first funding tranche to Novra Technologies?
Why has there been a delay in the SNAPS convertible loan agreement with Novra?
What is the new extension date for Novra's convertible loan agreement with SNAPS?
Are Novra Technologies' insiders currently allowed to trade company shares?
