Business
Pool Safe Announcing Amendment to Line of Credit and Issuance of Bonus Warrants
Toronto, Ontario--(Newsfile Corp. - June 2, 2025) - Pool Safe Inc. (TSXV: POOL) (" Pool Safe " or...
About this update from Pool Safe, Inc.
[{"type":"text","content":"Pool Safe Announcing Amendment to Line of Credit and Issuance of Bonus WarrantsToronto, Ontario--(Newsfile Corp. - June 2, 2025) - Pool Safe Inc. (TSXV: POOL) (\"Pool Safe\" or the \"Company\") is pleased to announce that it has entered into an amending agreement with Intrexa Ltd. (the \"Lender\") to further amend the parties' existing credit agreement (the \"Credit Agreement\") (the \"Amendment\"). The Credit Agreement was originally entered into on April 2, 2019, and was subsequently amended on December 17, 2020, May 13, 2022, June 17, 2022, and November 30, 2022.The line of credit (the \"Credit Facility\") will be maintained at $3.5 million. However, the interest rate will increase from 8% to 10% per annum, reflecting the original rate under the Credit Agreement. This increase is being made in conjunction with favourable principal repayment terms. In addition, the term of the Credit Facility will be extended, with the maturity date moved to May 31, 2028.In connection with the Amendment, the Company will issue 3,000,000 non-transferrable bonus warrants (the \"Bonus Warrants\") to the Lender (the \"Issuance\"), as the previously issued 3,000,000 bonus warrants are set to expire on May 31, 2025. The Issuance is being made in accordance with Policy 5.1 of TSX Venture Exchange (the \"Exchange\"). Each Bonus Warrant will entitle the holder to acquire one common share of the Company at an exercise price equal to the greater of (i)$0.05; and (ii)the Market Price (as defined in the policies of the Exchange) on the date of Issuance. As the Bonus Warrants were issued today, the exercise price of the Bonus Warrants is $0.05.The Amendment and the Issuance remain subject to the receipt of all necessary regulatory approvals, including the approval of the Exchange.About Pool Safe Inc.Pool Safe Inc. designs, develops and distributes a product known as LounGenie, which functions as a multipurpose personal poolside attendant. LounGenie by Pool Safe Inc. is designed to provide safety, convenience, and peace of mind for hotels, resorts, waterparks, and cruise ship guests. Conveniently located alongside pool or beach lounge chairs, the LounGenie is a unique way of providing vacationers with a comforting sense of security for their belongings, while offering the vendor opportunities to increase F&B sales, expedite customer service and drive rev...