SHARE

Electronic Cigarettes Intl Group Ltd (OTCMKTS:ECIG) a popular name in the industry of global marketer and distributors of innovative vapor products and e-cigarette confirmed issuance of non-convertible ‘senior secured’ loans valued at $41 million to its financial investors and business associates. It retired and bought remaining ‘Notes’ and fixed the conversion rate for them.

The details

 As per the terms, the tenure of non-convertible notes is decided for 36-month. It is a form of non-dilutive capital injection done to strengthen the company’s balance sheet and get financial flexibility. The paying off of principal is anticipated to commence later in 2016.

The management comments

The Chairman Dan O’Neill who is also the CEO of Electronic Cigarettes said that additional liquidity will help the company to reduce toxic and discounted notes from books. The company can work on its financial position and manage the capital structure. Also, there will be no shortage of funds to meet working capital needs.

The decline

Neill further commented that shareholders are not delighted with the recent decline in share price. However, he said company was working to improve financial position all this time. The problem was elimination of debt has consumed a lot more time. After implementing various measures, the company now has support of investors who believe in the long-term growth plans of Electronic Cigarettes and its products. With the availability of funds and support of investors, the company is well positioned to redefine its plans. The company operates in the burgeoning industry of electronic cigarettes and unique vapor products. The objective is to provide best quality of vapor products over traditional cigarettes.

On Wednesday’s trading session, the share price of Electronic Cigarettes declined more than 5% to close the trading session at $0.380. The decline came at a share volume of 2.23 million compared to average share volume of 2.70 million.

SHARE
Previous articleNEW GENERATION CONSU (OTCMKTS:NGCG) Unveils H420 Waters
Next articleWhy Sino Agro Food Inc (OTCBB:SIAF) Is Shifting Focus On Aquaculture?
Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg, Equities.com, Hacked.com, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.

LEAVE A REPLY