March 2020:AVCR Announces $1 Million Secured Loan Avricore Health Announces $1 Million Secured Loan
VANCOUVER, British Columbia, March 06, 2020 (GLOBE NEWSWIRE) -- Avricore Health Inc. (TSXV: AVCR, OTC: AVCRF) ("Avricore Health" or the "Company") a leader in point-of-care testing and health data generation, announced today that subject to regulatory approval it has entered into a loan agreement with Canam Online Ltd. for a secured loan in the amount of $1,000,000 (the “Loan”). The Loan is for a term of one year from receipt of funds, bears interest at a rate of 10% per annum and is secured with all of the present and after-acquired property of the Company. To facilitate the Loan a previous general security agreement held by Rodger Seccombe was deregistered. The President of the Company has also provided a guarantee for loan. The Company has paid a loan application fee in the amount of $30,000. Upon approval of the TSX Venture exchange the lender shall also receive from the Company bonus shares representing 20% of the aggregate sum of the loan.
The Company intends to use the proceeds from the Loan for working capital and marketing costs, including expanding its network of HealthTab™ operating blood-chemistry analyzers located in community pharmacies in Canada. The Company intends to repay the loan by means of cashflow from operations and future private placement financings. The Loan is repayable at any time without penalty.
“This financing ensures the adequate resources needed to grow and deliver on the robust business development opportunities in front of us throughout 2020.” Said Avricore Health CEO, Hector Bremner.