Just in. $1000,000 cash flow Ionic Brands arranges $1-million (U.S.) loan
Ionic Brands Corp (C:IONC)
Shares Issued 154,511,147
Last Close 11/29/2019 $0.03
Monday December 2 2019 - News Release
Mr. John Gorst reports
IONIC BRANDS ENTERS INTO SECURED PROMISSORY NOTE
Ionic Brands Corp. has entered into a secured promissory note with a group of lenders for a loan of up to $1-million (U.S.), maturing on Nov. 22, 2020, whereby the lenders have made an initial advance of $400,000 (U.S.) to the company.
The Loan is secured against all or substantially all of the assets of the Company, as outlined in a general security agreement corresponding to the Note. The aggregate unpaid principal amount of the Loan, all accrued and unpaid interest and all other amounts payable under this Note shall be due and payable on the Maturity Date. Beginning on February 22, 2020, the Company may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed. Advances bear interest at annual rate equal to twelve (12%) percent calculated from the date such advance is made. Interest shall be calculated and payable monthly in arrears to the Lenders.
John Gorst, CEO of the Company, stated, "These funds will assist with the continued restructuring of the company that we started in August of this year. We have established a path to achieving both a positive EBITDA and positive cash flow in Quarter 1, 2020. We remain committed to working tirelessly to build value for our shareholders."