VANCOUVER, BRITISH COLUMBIA - TheNewswire - October 27, 2021 – NameSilo Technologies Corp. (CNSX:URL.CN) (OTC:URLOF) (the “Company”) wishes to announce that it has entered into a loan agreement with a third party lender (the “Lender”) whereby the Lender will loan the Company a total of $3.9 million (the “Loan”). The Loan is for a term of three (3) years and accrues interest at a rate of 12% per annum. Closing of the Loan will occur on or about October 28, 2021.
Paul Andreola, Chief Executive Officer and director of the Company stated, “We are refinancing our existing loans with a new three year term loan. We anticipate that the free cash flow generated from the NameSilo business will easily service this loan over the next three years. Our focus will now turn towards using any additional free cash flow to grow the operations through product enhancements and marketing and to add to our investment portfolio.”
Under the terms of the loan agreement, the Lender may convert, at its option, all or any portion of the principal in common shares of the Company at a price of $0.25 per share. The Company will have the right to cause a forced conversion of 50% of the outstanding principal amount into common shares if the volume average weighted price of the common shares is equal to or greater than $0.50 per share over twenty consecutive trading days.
The Company will have the right to prepay all or any portion of the principal at any time. If the Company elects to repay any portion of the Loan, the Borrower will be entitled to a fee equal to one year of interest on the principal amount repaid by the Company. The Lender has been granted certain security interests in the business of the Company, which are inline with transactions of a similar nature.
NameSilo LLC has Record Q3 Total Bookings*
The Company is pleased to announce that NameSilo LLC total bookings* for the quarter ending September 30, 2021, reached a record US$10.04 million. This is up 48.8% from the same period in 2020 and up 16.1% sequentially from Q2 2021. Domains under management have surpassed 4.4 million making NameSilo LLC the 11th largest domain registrar in the world of which there are over 3000.
https://www.thenewswire.com/press-releases/1AD4FZ2Jz-namesilo-technologies-corp-refinances-outstanding-loans-and-announces-record-namesilo-llc-q3-bookings.html