On August 1, 2023, StateHouse Holdings Inc. entered into an agreement with Pelorus Equity Group as administrative and collateral agent to the Series A loan agreement dated December 21, 2020, to extend the repayment date of the agreement to February 10, 2027 and increase the amount of the loan.
Pursuant to the terms of the debt modification agreement, Pelorus is providing an incremental term loan of approximately $7.52 million, to bring the total principal amount of the Series A loan agreement to $15 million. As consideration for providing the loan, StateHouse has agreed to grant Pelorus 136,258,279 warrants, amounting to 40% of the loan.
Cassels is acting for StateHouse.