Sixth Wave Announces Secured Note Amendment
Halifax, Nova Scotia - (May 5, 2023) - Sixth Wave Innovations Inc. (CSE: SIXW) (OTCQB: SIXWF) (FSE: AHUH) ("Sixth Wave" or the "Company") announces that, further to its news release dated November 16, 2022, the Company has amended its secured promissory note (the “Note“) with Orca Holdings, LLC (“Orca“) in the aggregate principal amount of up to USD$802,500 (the “Principal Amount“) to increase the Principal Amount to USD $902,500 and amend the maturity date of the Note to May 31, 2024 (the “Amendment”).
The note was previously amended on April 14, 2023 to increase the Principal Amount of the Note to $802,500 USD. The Note bears interest at 10% per annum and is secured against the assets of the Company pursuant to a general security agreement.
As partial consideration for the Amendment, the Company has agreed to issue to Orca, subject to Canadian Securities Exchange (the “CSE”) approval, an aggregate 20,000,000 common share purchase warrants (the “Warrants“), exercisable into common shares of the Company (the “Shares“) at CAD$0.02 per Share until May 4, 2026. The volume-weighted-average-price of the Company’s common shares for the previous 20 trading days was $0.015. The Warrants issued pursuant to the Amendment will be subject to a four month and one day hold period.