Hannover House Inc (HHSE)

[MoneyMan]

Wonder how they are doing paying off the $300k still owed to TCA?

Imagine if they needed to issue enough shares to pay off $300k.

http://www.hannoverhousemovies.blogspot.com/2014/09/settlement-of-tca-credit-facililty.html

The remaining balance due to TCA (approx. $300,000) will be paid in cash by Hannover House from producer fees contained within existing financing contracts for two major feature productions.



Termination of a Material Definitive Agreement. Hannover House, Inc. ("Company") has terminated a corporate financing agreement that had been previously entered into in May, 2013 with TCA Global Master Fund. Per the terms of the mutually agreed dissolution, TCA will return to Hannover House ten-million (10,000,000) collateral shares of common stock, and will be paid three-hundred-thousand dollars (USD $300,000) by Hannover House over the next six months. An additional, initial payment of approximately one-hundred-fifty-thousand dollars (USD $150,000) shall be paid by Redwood Management, under a debt-purchase structure calling for the release of 18,270,543 shares of common stock.

Hannover House management feels that the dissolution and resolution of the credit facility from TCA is in the company’s best interest. The revolving structure and credit caps were impeding the company from pursuing other (more traditional) forms of operating financing.

The net result to the Company's current share structure resulting from both the termination of the TCA credit facility is as follows:

Current Total Shares In Issue (June 30, 2014): 598,338,905
Collateral Shares to be surrendered by T.C.A.: <10,000,000>
Shares to Redwood for Settlement Payment: 18,270,543
Revised Total O.S After Both Transactions: 606,609,448