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SOL Global Investments Corp. (OTC:SOLCF) announced that it is up to date on all interest payments and has repaid an additional $1.0 million towards its $50 million credit facility with an arm's length lender, reducing the principal amount of the credit facility to $4.52 million. SOL Global has also extended the term of the credit facility until September 30, 2023 and intends to continue making principal payments towards the credit facility as a top priority.
In light of current market conditions, the company continues its corporate strategy focused exclusively on managing and maintaining the company's existing core holdings and reducing and divesting all minority and non-core positions.
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Changes to Board and Management
The company's current chairman and CEO, Kevin Taylor, will transition from the company to a strategic advisory role working directly with SOL's portfolio companies, specifically in his role of chairman and CEO of House of Lithium Ltd., SOL Global's largest single holding. Contemporaneously with Taylor's transition, the board of directors has elected Paul Kania, CFO of the company, to act as interim CEO.
The company has elected Deena Siblock and Mehdi Azodi to the board of directors. Siblock, previously SOL Global's corporate secretary, has been appointed vice president and director, elevating both Deena's role in corporate governance and compliance.
Olivier Centner will step down as an independent director of the company's board of directors and continue to be involved as a special advisor to the company with an active focus on the company's investee companies.
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Photo by Mackenzie Marco on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.