sur CoTec Holdings Corp. (isin : CA22165A1021)
CoTec Holdings Corp. Announces Convertible Loan Agreement with Kings Chapel
CoTec Holdings Corp. has entered into a convertible loan agreement with Kings Chapel International Limited. This agreement modifies previous loans to fund CoTec's investments and working capital. The total principal of these loans stands at CAD$3,013,147 with accrued interest of CAD$220,896. Additionally, Kings Chapel will provide an extra CAD$1,500,000, distributed in three tranches over December 2024 to February 2025.
The loan bears a 10% annual interest rate and is due for repayment on December 31, 2027. From January 2025, the loan can convert into common shares at CAD$0.75 each. However, conversion will not allow Kings Chapel to hold more than 49% of the outstanding shares.
This transaction is a related party deal and is exempt from certain regulatory requirements under applicable rules, with all securities subjected to a statutory hold period in compliance with Canadian securities legislation.
R. H.
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