Edge Total Intelligence Inc. Enters into US$1,000,000 Credit Agreement
June 03 2022 - 7:02AM
Edge Total Intelligence Inc. (TSXV: CTRL/ FSE:Q5i) (“edgeTI”, “We”,
“Our” or the “Company”), a leader in real-time digital operations
solutions, announces that edgeTI’s independent directors have
approved a credit letter agreement (the “Credit Agreement”) with
Lotus Domaine III, L.P. (“Lotus”, or “Lender”), an investment fund
managed by a director of the Company, effective June 1, 2022, for
the advancement of a non-revolving term loan in the amount of up to
US$1,000,000 (the “Credit Facility”). The proceeds of the Credit
Facility, to be advanced by way of draw down notices in the minimum
amount of US$100,000. The purpose of each drawdown shall be stated
on each drawdown notice and such purpose shall be approved by
Lender at the time of each advance.
The Credit Facility has a maturity date of May
31, 2025 and bears interest at the annual rate of 5%, payable
quarterly. It may be prepaid at any time prior to the maturity
date, in whole or in part, without premium or penalty. No
commission or bonus was paid in connection with the Credit
Facility, and the Credit Facility is not convertible into any
securities of the Company.
As a result of Lotus being considered an
insider, the Credit Facility is considered to be a related party
transaction under applicable securities laws and subject to the
provisions of Multilateral Instrument 61-101 -Protection of
Minority Security Holders in Special Transactions ("MI 61-101").
The Company has relied upon exemptions in respect of the formal
valuation and minority shareholder approval requirements under
applicable securities laws. The Credit Facility is not subject to
the formal valuation requirements under Multilateral Instrument
61-101 -Protection of Minority Security Holders in Special
Transactions ("MI 61-101"), and the Company has relied upon the
exemption in paragraph (f) of section 5.7(1) of MI 61-101 as the
non-conflicted directors have determined that the Credit Facility
is being made on reasonable commercial terms that are not less
advantageous to the Company than if obtained from an arm's length
party. The loan is subject to the completion of due diligence by
the lender.
About edgeTI
Edge Total Intelligence (“edgeTI”) helps
customers achieve the impossible with its real-time digital
operations software, edgeCore™. Global enterprises, service
providers, and governments are more profitable when insight and
action are united to deliver fluid experiences via the platform's
low-code development capability. With edgeTI, customers improve
their margins and agility by rapidly transforming siloed systems
and data across evolving situations in business, technology, and
cross-domain operations. Traded on: TSXV: CTRL FSE: Q5i
Learn more at https://edgeti.com/investors.
For further Information contact:
Nick BrigmanPhone: 888-771-3343 Email:
ir@edgeti.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information and
Statements
Certain statements in this news release are
forward-looking statements or information for the purposes of
applicable Canadian and US securities law. Forward-looking
statements consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information can generally be
identified by the use of forwarding-looking wording such as "may",
"expect", "estimate", "anticipate", "intend", "believe" and
"continue" or the negative thereof or similar variations. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of the Company, including but not limited to, completion of
due diligence by the lender, business, economic and capital market
conditions.
Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in
the future, including the demand for its products, anticipated
costs, and the ability to achieve goals. Factors that could cause
the actual results to differ materially from those in
forward-looking statements include, the continued availability of
capital and financing, the impact of Covid-19 or other viruses and
diseases on the Company's ability to operate, competition and
general economic, market or business conditions. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The reader is cautioned not to place
undue reliance on any forward-looking information. The
forward-looking statements contained in this news release are made
as of the date of this news release. Except as required by law, the
Company disclaims any intention and assumes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
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