GREY:LFDEF - Post by User
Comment by
Electrofuelon Apr 02, 2018 11:29pm
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Post# 27818459
RE:here we go
RE:here we go
Still reading but.........
The Company is continuing the negotiations with the previously selected institutional investor to close the previously announced US$142,000 debt financing for the UrtheDaily Constellation. Securing the financing is subject to obtaining subordinated capital or equity financing in the amount of US$25,000, approval by the Company’s Board of Directors, the completion of final documentation and other customar
y closing conditions. The Company is in the process of negotiating a private placement of securities to satisfy the initial US$25,000 of subordinated capital required.
The Company intends to apply for the financial hardship exemption with the TSX in respect of this offering. Certain conditions will need to be met prior to the first drawdown
of the debt financing. The Company has not, as of the date of the financial statements, secured the required level of subordinated capital or equity financing to secure the fi
nancing or the minimum amount of binding annual revenue commitments to complete the first drawdown. If successful in securing the UrtheDaily financing, a portion of the financing is expected to be available for general working capital purposes.