Sphere 3D Corp (ANY)

[sons4]

You also fail to mention Sphere's $5.5 million in cash ending 12/31/14. Cyrus Capital was willing to pay $7.50 per share, not worried about future cash.


MISSISSAUGA, Ontario, Nov. 28, 2014 (GLOBE NEWSWIRE) -- Sphere 3D Corporation (ANY) (ANY) (the "Company" or "Sphere 3D"), a virtualization technology solution provider, today announced that it intends to issue 333,333 common shares of the Company to FBC Holdings S.a.r.l., an affiliate to Cyrus Capital Partners ("Cyrus Capital"), in satisfaction of its US$2,500,000 guarantee of a convertible loan transaction between Overland Storage, Inc. ("Overland") and Cyrus Capital entered into on October 13, 2014. As a condition of entering into this loan transaction, Overland repaid existing indebtedness owing to the Company of US$2,500,000.

The terms of the loan provide that repayment of US$2,500,000 shall occur immediately following the closing of the Overland merger transaction and be converted at an ascribed price of US$7.50 per share. Subject to receipt of regulatory approval, these shares will be issued at a price of CDN$8.57, being the Canadian dollar equivalent of the US$7.50 conversion price. The shares will be subject to a 4 month hold period under applicable Canadian securities law.