RE:New Press Release - Evome Strengthens Major Creditor Relationship After the Sale of the Simbex Unit to Riddell, LOI Related to Simbex Acquisition Debt is CancelledNow that this deal is concluded, EVMT has reduced debt by C4.8 million which they were carrying @ 10% per annum, which should result in a saving of approximately C480,000 per annum.
In exchange for the extensions, the Company intends to grant the Simbex sellers (i) a subordinated security interest in all non-Biodex assets, (ii) a 10% annual interest rate on the amount due from April 14, 2023 to the due date, (iii) cash paymen