Post by
Kdawg51 on Nov 27, 2018 9:32pm
HIT Technologies Closes Loan and Amends Debentures
November 27, 2018 HIT Technologies Inc. (the "Company"; TSX.V: HIT) announces that the Company has entered into a loan (the Loan) transaction with an arms length third party in a form of secured promissory note in the amount of $150,000 subject to any regulatory approval. The Loan bears interest at 2.5% per month and repayable on or before February 15, 2019. Furthermore, the Company has also completed the amendment transaction with a convertible debenture holder, as previously announced on October 26, 2018, extending the previous maturity date to October 31, 2020 with an option to convert at $0.05 per share until October 31, 2019 and thereafter at $0.10 per share until October 31, 2020. The Company plans to use the funds from the financing to fund ongoing operations and meet its continuous disclosure requirements, and for general working capital purposes. ON BEHALF OF THE BOARD OF DIRECTORS OF HIT TECHNOLOGIES INC.
Comment by
BigWave1 on Dec 04, 2018 8:54am
Don't mean to bash, but, I will....If sales were good my thoughts are they wouldn't be needing a loan at this point. With all these Best Buy Stores you wonder if they are actually moving lots of stock. Fingers crossed this is just a transition loan. GLTA!