HUNTINGTON, NY--(Marketwired - Jan 17, 2017) - SeanieMac International Ltd. ( OTC PINK : BETS ) -- With the recent financing in place, the company needs to address the convertible debt in the company, the overall capital structure and continued financial performance. With regard to those items the company allocated 80% of the first draw down from the recent financing to operations. SeanieMac allocated 20% to the retirement of convertible debt.
The company is in active negotiations with its debt holders for a long term leek out agreement, a conversion lock-up agreement or a direct retirement of debt to give the company the time to publicly announce their financial results for their first and second quarters.
The company is also in favor of a 1-100 reverse split and a reduction of the authorized shares from 4 billion to 400 million.
The company feels the combination of an agreement that addresses convertible debt, continued financial performance and improved capital structure are all in the best interest of long term shareholders.
