Marble Financial Inc. (CSE:MRBL, OTC:MRBLF) told investors it has proposed a debt restructuring involving its wholly owned subsidiary, TPF The Phoenix Fund Inc and the holders of TPF's bonds.
As a result of the restructuring, Vancouver-based Marble said an aggregate of up to $5,766,722 in principal amount of TPF Bonds and all accrued, unpaid and waived interest thereon, is proposed to be settled through a combination of debt forgiveness and the issuance of Marble common shares.
"On completion of the restructuring, the elimination of these short-term liabilities and the ongoing interest obligation associated with the bonds will greatly strengthen our balance sheet and financial position,” Marble CEO Karim Nanji said in a statement.
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“This will give us a renewed flexibility to focus on the continued development and growth of our proprietary MyMarble Boost Program, Inverite verification business, AI-driven AccumulateAI and MyMarble platforms, and other opportunities that may arise as we gradually wind down the Fast-Track loan program,” he added.
The company said an aggregate of up to 43,397,690 Marble common shares may be issued under the restructuring. The Marble shares that are to be issued upon closing of the restructuring transaction will be subject to a statutory hold period of four months and one day from the date of issuance and additional resale restrictions agreed to by bondholders such that 25% of the shares will be released from resale restrictions on completion of the initial hold period and further releases of 25% of the shares every four months thereafter, it added.
It said expects to complete and close the bond debt restructuring in the next two weeks.
Marble's proprietary MyMarble platform utilizes the power of machine learning, data science, and artificial intelligence, in leveraging its proven data-driven strategies through technology solutions Connect, Inverite, MyMarble, Fast-Track, Learn and Boost to engage in and navigate a clear path toward financial wellbeing and a meaningful credit score.
Contact the author at stephen.gunnion@proactiveinvestors.com