RE: RE: I Agree with you G&S other than..... Must be nice to have your head in the sand. I think the poster a couple posts down has it spot on with respect to the assets being in demand by the creditors, a la PYN and their eventual liquidation sale of their assets to INT. As I've pointed out before, it's written right in the note of the debt facility financing NR a couple of months ago. "The Notes are secured by a general security agreement over all the assets of the Company". It really doesn't get much clearer than that. As far as Jeff Collins and his stake in all this - really not much more needed than a board membership to the new company that takes over MKI's assets should this scenario take place to appease him and his losses. Once again shareholders could get thrown under the bus on the TSXV. But really can you blame them? It's the shareholders aka day traders and pumpers who got this baby riding up to 84 cents from 5 in a couple of days for something that has churned out about as much revenue as the salary of 2 or 3 MKI bullboard posters in the year and a half or so that VV has been on the market.
The Medipattern Corporation ("Medipattern" or the "Company") (TSX VENTURE:MKI), is pleased to announce that it has closed the first tranche of financing under the term debt facility (the "Facility") arranged on November 7, 2012.
Medipattern issued $154,000 of secured notes under the Facility (the "Notes"). The Notes mature on June 30, 2013, and will bear interest at the rate of 6% per annum, calculated monthly and payable at maturity. The Notes are secured by a general security agreement over all the assets of the Company, in priority to all existing security interests granted by the Company. The Notes are subject to certain redemption and repayment rights. Medipattern and its Board have agreed to appoint up to two (2) representatives as directors to the Company's Board as designated by the holders of the notes. The Notes are subject to a four month and one day resale restriction.