Pacific Ventures Group Inc (PACV)

[tutankhamuns]

Speaking of research, I’ve noticed some new developments in the TCA case...

Judge Altonaga just granted a motion to approve asset assignment and release regarding another publicly-traded company in Canada. This action confirms my previous suspicions about how PACV will be implicated in the proceedings.

ORDER granting39 Motion to Approve Asset Assignment and Release. The Receiver is authorized to engage in the transaction and Agreements attached to the Motion relating to Sofame Technologies, Inc. Signed by Judge Cecilia M. Altonaga on 7/21/2020.

If you look at Sofame Technologies’ last Annual Report on SEDAR, you’ll see that their relationship with TCA mirrors the agreements TCA has with PACV.

The Company entered into a senior secured revolving credit agreement on May 31, 2013, with TCA Global Credit Master Fund, LP. First disbursement made to Sofame Technologies was US$ 400,000 on September 18, 2013. As at September 30, 2014 this loan balance is presented in Canadian dollars, using the prevailing currency exchange rate. Fees directly related to the loan in the amount of $ 95,808 were reduced from proceeds of loan in 2013 and fully amortized during the current year. The revolving credit bears interest at 18 % per annum, and was due to be repaid and renewed on March 18, 2014. Specific conditions on the revolving credit agreement are related to positive EBITDA, revolving note value to collateral, and revenue covenant. The Company does not meet the requirements for positive EBITDA. In the event of default, the lender can require immediately the reimbursement of the loan. TCA Global has decided to not renew the credit facility after it matures and is repaid. The company is in negotiations with third parties to repay the debt as part of a refinancing. As part of the cost of the loan agreement, TCA Global received 800,000 bonus shares of common stock of the Company, and was entitled to receive another 800,000 common shares at September 30, 2014. As part of the credit agreement, an investment banking fee of $150,000 became due and payable on the anniversary date of the disbursement of the loan. The fee is reflected in short term debt as of September 30, 2014. The lender has the option to apply the value of the shares against the fee, or request payment in cash. The lender is requesting cash, but is working with the company to avoid confrontational litigation while the search for refinancing continues.

The loan is secured by a second priority security interest on all the existing, and after acquired, tangible and intangible assets of the Company.

https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00005005

And that’s only a fraction of what PACV owes TCA Global Credit Master Fund, LP...

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155983952

$PACV