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TORONTO, ONTARIO--(Marketwired - April 7, 2016) - Cyrus Capital Partners, L.P. ("CCP") today announced that as a result of an amending agreement (the "Debenture Amendment") entered into on April 6, 2016 between, among others, FBC Holdings Sàrl ("FBC"), an investment fund managed by CCP, and Sphere 3D Corporation ("Sphere 3D") to amend that certain 8% Senior Secured Convertible Debenture, dated as of December 1, 2014, in the principal amount of $19,500,000 (as amended by the First Amendment to 8% Senior Secured Convertible Debenture, dated as of November 30, 2015, the "Debenture") the outstanding principal amount under the Debenture was increased by U.S.$5,000,000. Accordingly, CCP may acquire, upon conversion of the Debenture, indirect control and/or beneficial ownership over, and FBC may acquire ownership of, an additional 1,666,667 common shares of Sphere 3D ("Common Shares"), bringing the total number of Common Shares over which CCP may, upon conversion of the Debenture, acquire indirect control and/or beneficial ownership to 8,166,667 Common Shares. |
