Additional Financing provided by Mr. Schwartz..
"As Mr. Schwartz is the Chairman of Mitec and beneficially owns, controls or directs, directly or indirectly, over 10% of the issued and outstanding common shares of Mitec, the Loan will constitute a related party transaction pursuant to Multilateral Instrument 61-101 ("MI 61-101"). Mr. Schwartz beneficially owns, controls or directs, directly or indirectly, 5,200,000 common shares of Mitec, which represents approximately 41.3% of Mitec's currently outstanding shares. Should Mr. Schwartz convert the entire amount of the $390,875 debenture, he would increase his ownership in Mitec from 41.3% to approximately 47%. Mr. Schwartz has agreed to provide this Loan to Mitec in order to assist with its current working capital needs and has no present intention of acquiring other securities of the company or disposing of any of the securities of the company he currently holds." Read More:
https://online.wsj.com/article/PR-CO-20140410-906230.html