Business
Graniz Mondal Inc. announces details of loan to DigiScreen Corporation
NEX: GRA.H MONTREAL, April 30 /CNW/ - In connection with the previously announced proposed revers...
About this update from Nanoxplore, Inc.
[{"type":"text","content":"\n\n\n\nNEX: GRA.H\n\n\nMONTREAL, April 30 /CNW/ - In connection with the previously announced\nproposed reverse take-over transaction or other business combination (the\n"Transaction") between Graniz Mondal Inc. ("Graniz") (NEX: GRA.H) and\nDigiScreen Corporation ("DigiScreen") (disclosed in Graniz's press release of\nApril 9, 2009), Graniz has agreed to advance up to $250,000 to DigiScreen as a\nloan (the "Loan") for the payment of Transaction-related and operational\nexpenses to be incurred by DigiScreen, so as to permit the continued operation\nof DigiScreen while the parties pursue their discussions with respect to the\nTransaction.\n\n\nThe parties anticipate executing definitive documents with respect to the\nLoan, including a loan agreement, after a binding letter of intent with\nrespect to the Transaction is executed. Graniz has already advanced $25,000 to\nDigiScreen as part of the Loan, but will not advance any additional funds\nuntil the TSX Venture Exchange has approved the Loan and the parties have\nexecuted definitive documentation. Interest on the Loan will accrue at a rate\nof 12% per annum. The Loan, plus interest, is to be repaid to Graniz on or\nbefore January 30, 2010. The Loan will be secured by a first priority lien on\nall of the personal property of DigiScreen, and all other secured creditors of\nDigiScreen are expected to sign a subordination agreement in favour of Graniz\n(except for a commercial lender that has a security interest in support of\napproximately $5,000 of credit).\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider (as\nthat term is defined in the policies of the TSX Venture Exchange) accepts\nresponsibility for the adequacy or accuracy of this release. No stock\nexchange, securities commission or other regulatory authority has approved or\ndisapproved the information contained herein.\n\n\nCompletion of the Transaction is subject to a number of conditions,\nincluding but not limited to TSX Venture Exchange acceptance and disinterested\nshareholder approval. Where applicable, the Transaction cannot close until the\nrequired shareholder approval is obtained. There can be no assurance that the\nTransaction will be completed as proposed or at all.\n\n\nInvestors are cautioned that, except as disclosed in the management\ninformat...