Business
OneMove Technologies Secures Bridge Financing
OneMove Technologies Secures Bridge Financing.
About this update from Osisko Metals Incorporated
[{"type":"text","content":"\n\n\n\nVANCOUVER, March 28 /CNW/ - OneMove Technologies Inc. ("OneMove" or the\n"Company") (TSX.V: OM) is pleased to announce that it has arranged for bridge\nfinancings totaling $1,640,000 from various sources. The Company intends to\nrepay the bridge financings from the proceeds of the Company's previously\nannounced brokered private placement with Sprott Securities Inc. (the "Private\nPlacement").\n\n\nOf the bridge financings, $500,000 is being provided by GC-Global Capital\nCorp. and will bear interest at 12% per year, calculated and payable monthly.\nThe GC-Global Capital Corp. bridge loan is secured by a first ranking general\nsecurity agreement over all present and future movable property of the Company\nand OneMove Online Systems Inc. (the Company's wholly-owned subsidiary), a\nshare pledge of 100% of the shares of OneMove Online Systems Inc., and a\npersonal guarantee from Mr. Martin Johnson, the Company's President and CEO.\nThe loan is repayable at the earlier of six months from the closing date of\nthe bridge financing, and the closing of the Private Placement. In\nconsideration for providing the guarantee, the Company has agreed to issue\nMr. Johnson 125,000 common shares at a deemed price of $0.40 per share. The\nCompany has also agreed to engage GC-Global Capital Corp. for one month to\nprovide financial advisory services in consideration for 125,000 common shares\nof the Company.\n\n\nThe remaining $1,140,000 bridge loans bear interest at 1% per month,\ncalculated monthly and repayable on the maturity of the loans. These loans\nmature May 30, 2007, except $140,000, which matures on April 30, 2007. In\nconsideration for providing the bridge loans, the Company has agreed to issue\nthe lenders a total of 1,140,000 share purchase warrants upon repayment of the\nbridge loans. The warrants will be exercisable for two years from the date of\nissuance at $0.40 per share.\n\n\nAll of the lenders are at arm's length to the Company. The Company\nintends to use the proceeds from the bridge financing for build-out and rent\ndeposit on a location in the United Kingdom for the Company's subsidiary and\ngeneral working capital.\n\n\nThe bridge financings and financial advisory services contract are\nsubject to the acceptance of the TSX Venture Exchange.\n\n\nAbout OneMove www.onemovetech.com\n\n\n...