Silver Crest Acquisition in a regulatory filing today said it issued a promissory note to its sponsor for a loan of up to $850,000 for working capital needs. The sponsor currently holds 8.625 million of the SPAC’s shares and 8.9 million warrants.
Silver Crest has a merger agreement with Tim’s China, which values the combined company at $1.69 billion. The deal is expected to close in the fourth quarter, pending a shareholder vote.
TH International Limited is the parent company of the exclusive master franchise of Tim Hortons coffee shops for Restaurant Brands International. Read more.
