/NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, Jan. 23,
2023 /CNW/ - Aegis Brands Inc. ("Aegis"
or the "Company") (TSX: AEG) is pleased to announce that
further to its press release dated December
23, 2022, effective January 23,
2023 (the "Conversion Date"), the entire outstanding
principal amount of the Company's 11.0% convertible unsecured
subordinated debentures due November 17,
2027 in the amount of CAD$25,045,000 (the "Debentures") has been
converted into common shares of the Company ("Common
Shares") at a conversion price of CAD$0.485 per Common Share in accordance with the
terms and conditions of the Debentures (the "Forced
Conversion"). This Forced Conversion will expand Aegis'
shareholder base, will strengthen Aegis' Balance Sheet, and will
better position the Company for further growth.
In connection with the Forced Conversion, the Company has issued
an aggregate of 51,639,175 Common Shares which will remain subject
to a statutory hold period expiring January
30, 2023.
The Company has paid out all accrued and unpaid interest in
cash, from and including December 31,
2022, being the most recent interest payment date, to, but
not including, the Conversion Date (less applicable withholding
taxes, as applicable), being $6.63
per $1,000 principal amount of the
Debentures.
About Aegis Brands Inc.
Aegis currently owns and operates Bridgehead Coffee and St.
Louis Bar and Grill. The Company's vision is to build a portfolio
of amazing brands that can grow and flourish with access to Aegis'
resources and expertise. The Company is committed to letting each
brand operate independently while providing shared expertise to
help them thrive. For more information, please visit
www.aegisbrands.ca.
SOURCE Aegis Brands Inc.