Nepra Foods Secures Loan for Operational Growth

Nepra Foods Inc., trading under symbols CSE:NPRA, FRA:2P6, and OTC PINK:NPRFF, announced a new financing agreement for its subsidiary, Nepra Foods Ltd., on April 5, 2024. This agreement involves a secured loan of $950,000 from William Hogan. The terms specify a security backed by Nepra Ltd.'s assets under the Uniform Commercial Code in Colorado, with a maturity due on July 31, 2024. The initial interest rate is set at 6% per annum, escalating to 12% if the loan is not settled by the maturity date.

This financial transaction is classified under the "related party transaction" as Hogan is identified as a related party per MI 61-101 guidelines. However, the loan, which carries no potential conversion into any securities, has been finalized based on terms comparable to what would be reasonable in an arms-length transaction. David Wood, interim CFO and COO, expressed satisfaction with obtaining supportive financing during challenging times, enhancing the company's growth prospects and shareholder value.