Liquid Media Group Restructures RDL Realisation PLC Debt
Vancouver, BC – December 2, 2019 – Liquid Media Group Ltd. (the “Company” or “Liquid”) (Nasdaq: YVR), through its subsidiary Liquid Media Group (Canada) Ltd., announces the restructuring of its existing line of credit (the “LOC”) with RDL Realisation, PLC (“RDL”).
Pursuant to a letter agreement dated November 28, 2019 between the Company and RDL (the “Agreement”), RDL has agreed to (i) restructure the securitization of the LOC and (ii) forbear enforcement of the amounts outstanding under the LOC until November 30, 2020, on the following terms:
- Liquid has agreed to make quarterly payments of CAD$250,000 beginning on March 31, 2020 until the outstanding balance of the LOC has been repaid, and
- Liquid has pledged 215,000 common shares of the Company to RDL to secure repayment of the outstanding LOC amounts, and in consideration of such share pledge RDL has released the entirety of its previously-held security interest over Liquid’s shares of Waterproof Studios Inc. (the Company’s 49% subsidiary).
The Agreement grants RDL a participation right applicable to future equity financings of Liquid to subscribe pro-rata on the same terms as all other subscribers.
About Liquid Media Group Ltd.
Liquid Media Group Ltd. (Nasdaq: YVR) is an entertainment company with a strong portfolio of content IP spanning creative industries. Originating in Vancouver’s media and entertainment supercluster, Liquid’s mission is to empower storytellers worldwide to develop, produce and distribute content across channels and platforms.
Liquid Media’s leadership team includes Chairman Joshua Jackson (actor / producer, television and film), Chief Financial Officer Daniel Cruz (previously of Canaccord Financial), Managing Director Charlie Brezer (serial entrepreneur), Director Stephen Jackson (Northland Properties) and Board Member Nancy Basi (Exec. Director, Vancouver Media & Entertainment Centre). All bring decades of industry experience, alongside their passion for the work, to undertake the Company’s mission.
Additional Information available at www.LiquidMediaGroup.co
Liquid Media Group Ltd.
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