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Novra Announces Extension of SNAPS Convertible Loan Agreement
Winnipeg, Manitoba--(Newsfile Corp. - May 7, 2025) - Novra Technologies Inc. (TSXV: NVI) ("Novra"...
About this update from Novra Technologies Inc.
[{"type":"text","content":"Novra Announces Extension of SNAPS Convertible Loan AgreementWinnipeg, Manitoba--(Newsfile Corp. - May 7, 2025) - Novra Technologies Inc. (TSXV: NVI) (\"Novra\") is issuing this notice to provide a status update and announce an extension on its binding Convertible Loan Agreement (\"Loan\") with SNAPS Holding Company (\"SNAPS\"), which it initially announced on September 10, 2024 and provided further disclosure for on December 19, 2024. As disclosed in previous statements, under the agreement SNAPS which is an arm's-length party, will provide CAN $12.258 million for a term of two years with interest at 1% per annum. This loan can be converted into Novra common shares by either SNAPS or Novra at any time during the term at CAD $0.34 per share. The conversion to shares would require TSXV and shareholder approval.The current agreement, which expired on March 31, 2025, has now been extended until July 31, 2025, with all other terms of the Loan agreement remaining unchanged.SNAPS has reported to Novra that for the past 6 months it has been engaged diligently in divesting its targeted commercial real estate (CRE) holdings to reinvest the capital in identified high-growth technology entities such as Novra. Geopolitical factors including tariff turmoil, financial market uncertainties, and lending delays have led to an unfortunate slowdown in SNAPS' CRE divestiture plan. However, Novra has received SNAPS' assurance that the delays are temporary, and SNAPS remains fully committed to completing the \"Loan\" agreement. Novra has agreed to SNAPS' request for an extension to the \"Loan\" based on its extensive discussions with them about SNAPS' ongoing divestiture transactions and after evidence was provided by SNAPS that has confirmed a funding source, with funds expected to be received by SNAPS in early to mid-May 2025. Additional SNAPS' asset sales are expected to close later this summer.SNAPS has committed to Novra that they have prioritized and budgeted funds from these sales for Novra, as it regards Novra as a priority and key to execute its strategic vision of introducing technologically advanced and disruptive technologies in the IoT domain. We expect that the first tranche of the loan will be received by Novra on or before May 15th with additional tranches later in May, June and July.\"During these unforeseen delays of the past six mo...