FRISCO, TEXAS, April 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Verde Bio Holdings, Inc. (OTC: VBHI), a growing oil and gas Company, is pleased to announce the full settlement of all its outstanding debt. This includes all convertible debt as well as term loans in a combination of aged, existing debt and strategic new debt which was taken on and utilized to clean up the Company after new management took over in late November 2019.
The payoff of these debts stops any further conversion into common stock and was achieved through early, selective conversions, payoffs and a settlement agreement with the largest note holder of Verde. As a result of these actions, all claims against the Company have been released.
“As mentioned in our previous press releases, Verde is focused on building a diversified, revenue producing portfolio of high-quality assets. The settlement of all debt allows the Company to move forward with a strong balance sheet with no debt which provides a much more stable foundation for growth, value creation and financial flexibility,” said Scott Cox, Verde CEO.
“We are excited to be debt free. The incredibly successful Reg A+ cap raise has allowed us to reach this amazing milestone in just a little over a year. With no debt and a pipeline full of deals, we are poised to grow tremendously over the next few months,” Mr. Cox said.
