Business
Zedcor Energy Inc. Announces Financing Extension
Calgary, Alberta--(Newsfile Corp. - January 1, 2020) - Zedcor Energy Inc. (TSXV: ZDC) (the " C...
About this update from Zedcor Inc
[{"type":"text","content":"Zedcor Energy Inc. Announces Financing ExtensionCalgary, Alberta--(Newsfile Corp. - January 1, 2020) - Zedcor Energy Inc. (TSXV: ZDC) (the \"Company\" or \"Zedcor\") is pleased to announce that effective December 31, 2019, the Company, as borrower, has entered into an amended and restated loan and security agreement (the \"Agreement\") with Maynbridge Capital Inc. (the \"Lender\") to extend the maturity date of the agreement to March 25, 2021 in the principal amount of $12,107,975. The current loan amount reflects a repayment of debt since March 25, 2019 of $2,206,275 funded through the sale of under-utilized assets and principal payments. The renewed Agreement bears interest at 10.00% per annum, subject to conditions pursuant to the renewed Agreement. The interest rate of 10.00% per annum may increase to 12.75% per annum if all conditions precedent under a potential one-time advance up to a maximum amount of $6,550,000 made available by the Lender to the Company by way of a non-revolving term loan (the \"Additional Facility\") are not satisfied on or before February 1, 2020, or such other date as agreed to between the Lender and the Company. The renewed Agreement has an extension fee of 3%, and will be serviced by fifteen months of interest only payments. Todd Ziniuk, President and CEO of the Company, stated \"The extension of our loan agreement announced today allows us to focus on the continued growth of our business, specifically the security and surveillance division. In conjunction, the Company remains committed to reducing debt through positive cash flows.\"Forward-Looking Statements and InformationCertain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words \"anticipate\", \"believe\", \"expect\", \"plan\", \"intend\", \"estimate\", \"propose\", \"budget\", \"should\", \"project\", \"or similar words suggesting future outcomes or expectations. In particular, forward-looking statements and information contained in this press release, include, but are not limited to, Zedcor's repayment of existing credit facilities and access to the Additional Facility and fulfillment of all conditions precedent. Although the Company believes that the expectations implied in...