THUNDER BAY, ONTARIO--(Marketwire - Jan. 24, 2013) - QRS Capital Corp. (TSX VENTURE:QRS)(FRANKFURT:3QR) ("QRS" or the "Company") announces that it has obtained unsecured loans (collectively, the "Loans") from two arm's length parties in the aggregate amount of US$500,000.
Each of the Loans is evidenced by a promissory note and is for a term of one year maturing on January 21, 2014. Interest will accrue on the Loans at a rate of 5% per annum and is payable on maturity. The Company may, in its sole discretion, prepay the Loans, at any time, by paying all or any part of the principal amount of the Loans, plus any and all accrued and unpaid interest.
As additional consideration for the Loans, the Company has agreed to issue to the lenders an aggregate amount of 1,324,400 common shares of the Company (the "Bonus Shares") subject to the approval of the TSX Venture Exchange. The Bonus Shares will be subject to a 4-month hold period from the date of issue pursuant to applicable Canadian securities laws.
The Company intends to use the proceeds of the Loans to meet near-term commitments as they become due and to give the Company the time required to raise additional capital once market conditions have improved.