Will This Turn Into A Demand Loan On Nov.21And CoTec come collecting?
On November 22, 2022, the Company and CoTec Holdings Corp signed a financing agreement to make an investment in the Company to support its go-to-market activities in the agricultural and green tech segments, which resulted in a $300,000 bridge loan funding to the Company.
The Bridge Loan bears interest at 7% per annum and is repayable on the earlier of November 21, 2024, closing of a Private Placement with CoTec or a change of control of the Company.
The Bridge Loan is secured by a first ranking charge in favour of CoTec over all of the Company’s assets.
During the year ended June 30, 2024, the Company accrued interest of $21,000 (2023 - $12,250) on the loan.