Tagliamonte loan payment due date October 23, 2022 To date, Mr. Tagliamonte has made principal and interest payments of $760,736 (including the interest payment due in 2022), resulting in an outstanding principal amount of $3,916,644 under the Tagliamonte Note on the date hereof.
Following discussions between the board of the directors of the Company (the “ Board ”) and Mr. Tagliamonte, the Company has agreed to further amend (the “ Second Amendment ”) the terms of the Tagliamonte Note effective April 23, 2022 in order to extend the maturity date of the loan for a further six months resulting in a new maturity date of October 23, 2022. The interest rate remains at LIBOR per annum. The Company has no current intention to further extend the maturity of the Tagliamonte Note and the Company understands that Mr. Tagliamonte may be required to sell some or all of the common shares acquired using the proceeds of the Tagliamonte Note to fund the repayment of amounts owing thereunder to the Company on or prior to its new maturity date. The entering into of the Second Amendment was considered and approved by the Board excluding Mr. Tagliamonte who declared a conflict and recused himself from voting in respect of the Second Amendment. The remaining directors voted unanimously to approve the Second Amendment