Lite Access amends Convertible Debenture Maturity Date and Extends Excusivity with Ironman Directional Drilling
Press Release
Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (“Lite Access”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, announces it will extend the maturity date of previously issued convertible debentures in the principal amount of $500,000 (the “Debentures”) from November 22, 2024 to November 22, 2026 (the “New Maturity Date”). The New Maturity Date has been approved by all of the holders of the Debentures.
The principal amount of the Debentures will continue to bear interest at a rate of 12% per annum and be convertible at a conversion price of $0.10 per share (see news release dated November 22, 2022). Other than the New Maturity Date, no other terms of the Debentures were amended.
The New Maturity Date is subject to acceptance of the Exchange.
Update on Ironman Transaction
The Company also announces that the Company and Ironman have agreed to further extend the exclusivity period until December 31, 2024, in relation to its proposed acquisition of Ironman and its wholly-owned subsidiary, Ironman Direction Drilling Ltd., an experienced provider of directional drilling (the “Transaction”), which was previously announced in the news release dated May 5, 2023. Ironman is currently finalizing the audit of its financial statements and the parties intend to enter into the definitive agreement in November 2024.
The completion of the Transaction is subject to a number of key conditions including entry into a definitive agreement between Lite Access and Ironman, completion of due diligence of the parties, shareholder approval, TSX Venture Exchange (the “Exchange”) final approval and other conditions customary for this type of Transaction. The Company will issue a subsequent news release upon entry into a definitive share purchase agreement with Ironman.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
November 1, 2024 – Vancouver, British Columbia. LITE ACCESS TECHNOLOGIES INC. (“Lite Access”) (TSX VENTURE: LTE)(OTC: LTCCF), a world leader in the fibre optic products and advanced installation methodologies, announces it will extend the maturity date of previously issued convertible debentures in the principal amount of $500,000 (the “Debentures”) from November 22, 2024 to November 22, 2026 (the “New Maturity Date”). The New Maturity Date has been approved by all of the holders of the Debentures.
The principal amount of the Debentures will continue to bear interest at a rate of 12% per annum and be convertible at a conversion price of $0.10 per share (see news release dated November 22, 2022). Other than the New Maturity Date, no other terms of the Debentures were amended.
The New Maturity Date is subject to acceptance of the Exchange.
Update on Ironman Transaction
The Company also announces that the Company and Ironman have agreed to further extend the exclusivity period until December 31, 2024, in relation to its proposed acquisition of Ironman and its wholly-owned subsidiary, Ironman Direction Drilling Ltd., an experienced provider of directional drilling (the “Transaction”), which was previously announced in the news release dated May 5, 2023. Ironman is currently finalizing the audit of its financial statements and the parties intend to enter into the definitive agreement in November 2024.
The completion of the Transaction is subject to a number of key conditions including entry into a definitive agreement between Lite Access and Ironman, completion of due diligence of the parties, shareholder approval, TSX Venture Exchange (the “Exchange”) final approval and other conditions customary for this type of Transaction. The Company will issue a subsequent news release upon entry into a definitive share purchase agreement with Ironman.
About Lite Access
Lite Access Technologies Inc. is a world leader in the use of innovative and proven micro/narrow trenching technologies, alternate methods of deployment and specialist products which transform the cost the network deployment for telecommunications operators.
As part of its suite of services Lite Access provides clients with integrated solutions or select components for the design and implementation of fibre optic networks. Lite Access’ products have been deployed in many high-profile communication networks including Olympic facilities, military and government, numerous communities throughout the United Kingdom, the USA and Canada as well as global telecommunications companies that have adopted Lite Access as the “solution of choice” for the least invasive, most cost effective and future-proof fibre optic connectivity available.
Lite Access’ installation technology and proprietary products extend a network provider’s ability to deliver true broadband connectivity directly to end-users, such as homes, businesses, government and educational institutions, and emergency response facilities. Lite Access remains flexible and innovative in its commitment to provide global clients and partners with the most cost effective and proven fibre connectivity solutions available.
For further information please contact:
Lite Access Technologies Inc.
Mark Tommasi, CEO
Phone: 1-604-318-1448
#110 – 6039 196 Street
Surrey, BC V3S 7X4
www.liteaccess.com
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