Business
Minnova Announces Approval of Loan
Toronto, Ontario--(Newsfile Corp. - July 24, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Announces Approval of LoanToronto, Ontario--(Newsfile Corp. - July 24, 2023) - Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) (\"Minnova\" or the \"Company\"), announces that, further to its press release of July 21, 2023, the TSX Venture Exchange has approved the issuance of an aggregate of 132,000 common shares (the \"Common Shares\") of the Company, in connection with its unsecured promissory note (the \"Promissory Note\"), dated July 20, 2023, with a non-arm's length creditor to the Company (the \"Creditor\"), in the principal amount of $33,000 (the \"Principal Amount\"). The Common Shares represent 20% of the Principal Amount divided by the Market Price (as defined and determined in accordance with the policies of the TSX Venture Exchange) at a deemed price of $0.05 per Common Share as a loan bonus.Interest on the outstanding Principal Amount of the Promissory Note will accrue from the original date of issue at a rate of fifteen percent (15%) per annum until the Maturity Date. Interest payments will be paid monthly five (5) business days from last calendar day of each month, commencing on January 31, 2024 until the Maturity Date or such earlier date on which the Promissory Note is repaid. All Common Shares issued in connection with the Promissory Note will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The issuance of the Common Shares constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as the Creditor is a director of the Company. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of Note does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101.About Minnova Corp.Minnova Corp. is an evolving cleantech company building a worldwide pipeline of green energy projects. Our subsidiary, Minnova Renewable Energy, is focused on innovative carbon reduction technologies such as the 3rd generation biomass gasification technology developed by DUMA En...