Vinanz Limited (Lon: BTC), a Bitcoin Treasury company with active mining operations in all the United States and Canada, has announced today that it has chosen not to raise its debt level from $ 2 million to $ 4 million under the May 14th investment agreement.
Vinanz reports that he has successfully negotiated and signed a finish letter with the institutional investor that the parties agreed that the company would satisfy the repayment obligations and the company’s obligation to be the obligation of the institutional investors by transferring the existing investors to the existing investor. Investment agreement will be taken over the company’s obligations will be the Company’s full shares.
Vinanz and Directors David Lenigas and Jeremy Edelman have entered a loan loan agreement on the transaction. According to this arrangement, David Lenigas and Jeremy Edelman have agreed to meet the company’s obligations to the institutional investor in order to terminate the investment agreement, in accordance with the terms of the finish letter.
Managers David Lenigas and Jeremy Edelman have contributed 5,388,909 shares of Vinanz from their personal entries to the company to satisfy the above transaction that results in the satisfaction of the company’s full debt obligations to the institutional investor. Debt resolving in this way has helped maintain the maximum number of available shares that have not been issued for further capital increases.
The company agreed to pay off the shares promoted by David Lenigas and Jeremy Edelman to new shares at the request of David Lenigas and Jeremy Edelman. The transaction was approved by the managers independent of the transaction, which was Robert Scott and Mahesh Pulandaran, David Lenigas and Jeremy Edelman, recalled themselves from examining the transaction from the Board of Directors and did not vote on the relevant Board of Directors.
This transaction does not change the total number of shares it has launched to the company.
Hewie Rattray, chief executive of Vinanz, commented:
“The repayment of this facilitation reinforces our capital position and provides greater flexibility as we continue to execute the Bitcoin accumulation strategy. We consider debt markets as an important lever for growth and are now well positioned to pursue more structured, strategic funding.