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BBTV Provides Balance Sheet Update, Lender RTL Group Agrees to Reduce the Company's Debt by $12.8 Million
Thursday, October 13, 2022Company Profile | Follow Company
Vancouver, BC, October 13, 2022--(T-Net)--BBTV Holdings Inc. (TSX: BBTV, OTCQX: BBTVF), a creator monetization company, announced today that RTL Group, the company's Lender, is working with the company to improve BBTV's balance sheet in order to attract new debt financing.
BBTV said in a release that this is to help provide the Company access to additional working capital during the current uncertain macroeconomic environment, and to continue to develop its Plus Solutions and other growth initiatives.
To improve the Company's balance sheet, the Lender has reduced its debt under its secured convertible promissory loan note ("Secured Convertible Loan"), by approximately $12.8 million to approximately $19.2 million based on balances as of September 30, 2022.
The remaining terms of the Secured Convertible Loan are currently unchanged. These include the Lender's option to convert its debt on maturity on May 26, 2026, to Subordinate Voting Shares of BBTV.
The foregoing amendment to the Secured Convertible Loan is subject to TSX acceptance.
About BBTV
BBTV is a global media and technology company headquartered in Vancouver, Canada. The Company's mission is to help content creators become more successful. With creators ranging from individuals to global media brands, BBTV provides comprehensive, end-to-end Solutions to increase viewership and drive revenue powered by its innovative technology, while allowing creators to focus on their core competency - content creation. In December 2021, BBTV had the fourth most unique monthly viewers among digital platforms with more than 600 million globally, who consumed more than 35 billion minutes of video content [1]. (www.bbtv.com )
[1] Calculations and classifications made by BBTV based on data from Comscore's "Top 12 Countries = December 2021 comScore Video Metrix Media Trend - Multi-Platform - Top 100 Video Properties Report"; Top 12 countries represent ~50% of world's digital population.
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