ReGen III Corp. announced it has received sub-agreements totalling $3.975mn under its convertible debenture exchange operation, confirmed earlier this month. The company, which specialises in upcycling used motor oil into Group III base oils, plans to complete the transaction pending final approval from the TSX Venture Exchange.
Near-unanimous bondholder participation
ReGen III President and Chief Executive Officer Tony Weatherill stated that more than 97% of debenture holders have agreed to the exchange terms. The collective agreement aims to convert previous bond debt into restructured financial instruments, providing improved stability to the company’s capital structure. Specific terms of the new instruments were not disclosed but include new debentures and warrants that are not registered in the United States.
Awaiting regulatory clearance
The transaction’s completion depends on final approval by the TSX Venture Exchange. ReGen III confirmed that its application has been submitted. The new securities will not be registered under the U.S. Securities Act of 1933 and cannot be offered or sold to U.S. investors without prior registration or a qualifying exemption. This restriction may remain in effect indefinitely.
Focus on industrial deployment
ReGen III plans to leverage its improved financial position to accelerate its industrial project rollout. The company aims to commercialise its re-refined Group III base oils, which are used in advanced lubricant formulations. Processed used oils can yield components that meet international performance standards for modern engines.
According to ReGen III’s management, the financial restructuring initiative marks a step forward in executing its industrial strategy. Further details regarding project timelines or site locations were not disclosed.
