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International Sovereign Energy Corp. to Advance $300,000 Secured Bridge Loan to Wi2Wi Corporation to Support Operations
International Sovereign Energy Corp. to Advance $300,000 Secured Bridge Loan to Wi2Wi Corporat...
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[{"type":"text","content":"\nInternational Sovereign Energy Corp. to Advance $300,000 Secured Bridge Loan to Wi2Wi Corporation to Support Operations\n\nInternational Sovereign Energy Corp. to Advance $300,000 Secured Bridge Loan to Wi2Wi Corporation to Support Operations\nCalgary, Alberta CANADA, December 05, 2012 /FSC/ - International Sovereign Energy Corp. (ISR.H - TSX Venture), (\"ISEC\") announces that, in connection with its previously announced proposed plan of arrangement (the \"Arrangement\") between ISEC and Wi2Wi Corporation (\"Wi2Wi\"), ISEC has agreed in principle to provide Wi2Wi with a secured interest bearing loan in the amount of CAD$300,000 (the \"Loan\").\nThe Loan is proposed to be used by Wi2Wi primarily for the purchase of component materials and assembly charges for its products in order to meet its operational requirements between now and closing of the Arrangement. \nThe principal, together with any accrued and unpaid interest, outstanding under the Loan is to be payable on the earlier of demand by ISEC and January 30, 2013 (collectively, the \"Maturity Date\"). The Loan will bear simple interest at a rate of 12% per annum and be payable on the Maturity Date. The Loan is expected to be guaranteed by Wi2Wi, Inc., Wi2Wi's wholly owned U.S. operating subsidiary (which holds the majority of Wi2Wi's material assets), and secured by a charge over the assets of Wi2Wi, Inc. and a pledge of the common shares of Wi2Wi, Inc. held by Wi2Wi.\nThe definitive terms and conditions of the Loan are currently being finalized by ISEC and Wi2Wi and are subject to the approval of the TSX Venture Exchange.  Subject to the foregoing, the Loan is expected to be advanced to Wi2Wi on or about December 7, 2012.  Subject to receipt by ISEC and Wi2Wi of the necessary regulatory and shareholder approvals for the Arrangement and related matters, and subject to the satisfaction or waiver of other conditions to the completion of the Arrangement, the closing of the Arrangement is anticipated to occur on or about January 10, 2013.\nAbout Wi2Wi\nWi2Wi, a private growth stage technology company based in Silicon Valley, is a leader in embedded wireless connectivity solutions for premium machine to machine and major vertical markets worldwide.  Wi2Wi's core offering is a set of WiFi, WiFi Bluetooth, and Global Position System solutions with ...