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NaturalShrimp Incorporated Announces Retirement Of Approximately $2,500,000 In Notes And Begins Preparations For Roll-out Of Enhanced Equipment Package At La Coste Facility
NaturalShrimp Incorporated Announces Retirement Of Approximately $2,500,000 In Notes And Begins Preparations For Roll-out Of Enhanced Equipment Package At La Coste Facility.
About this update from Naturalshrimp Incorporated
[{"type":"text","content":"\n\n\n\nNaturalShrimp Incorporated Announces Retirement Of Approximately $2,500,000 In Notes And Begins Preparations For Roll-out Of Enhanced Equipment Package At La Coste Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nNaturalShrimp Incorporated Announces Retirement Of Approximately $2,500,000 In Notes And Begins Preparations For Roll-out Of Enhanced Equipment Package At La Coste Facility\nPR Newswire\nLA COSTE, Texas, Jan. 18, 2017\n\n\n\nLA COSTE, Texas, Jan. 18, 2017 /PRNewswire/ -- NaturalShrimp Incorporated (OTCQB: SHMP) (the \"Company\"), a global eco-friendly producer of shrimp grown in technologically unique indoor saltwater facilities, has retired approximately $2,500,000 of existing notes payable, plus accrued interest, originally issued to fund the Company's 35,000 square foot facility in La Coste, Texas.\n\nThe Company has entered into a new loan agreement with Community National Bank in Castroville, Texas for approximately $245,000 (the \"CNB Note\").  Concurrent with the closing of the CNB Note, $200,000 of the proceeds was used to pay down the approximate $2,500,000 of existing notes and accrued interest payable, with the remainder being used for working capital and to pay down additional debt.  The Company expects to finalize agreements memorializing the payoff of the notes and to release the Company from any further obligations under the notes.  In addition, the Company does not anticipate any negative tax implications from this transaction.\n\nNatural Shrimp President, Gerald Easterling, commented, \"We are extremely happy that this note holder has chosen to retire this debt.  With the retirement of this debt, we are expecting to finalize our lease agreements for the enhanced equipment package that we have been developing with our corporate partner over the last several months.\"\n\nNatural Shrimp Chief Financial Officer William Delgado also commented, \"We are very excited that this note holder, who is also an approximate 4.5% equity holder in the Company, has expressed its confidence in our business plan to facilitat...