Armada Data Corporation announced that it has entered into a loan agreement
The amounts will be advanced during the term of the loan in the amounts and at the times requested by the Company, up to the maximum amount of
The Company intends to use the loan proceeds for working capital and general and corporate purposes. The Company intends to repay the loan from cash flow from operations.
The lender is a company owned and controlled by
The Company has relied on the exemptions from the NI 61-101 minority shareholder valuation and approval requirements contained in Sections 5.5(b) (TSXV-listed company) and 5.7(1)(f) ( loan to the issuer, no shares or voting rights component) with respect to this transaction. The Loan was obtained on reasonable commercial terms that were no less advantageous to the Company than if the Loan had been obtained from an arm’s length party; and the Loan is neither convertible nor redeemable in securities of the Company.
The Company did not file a material change report more than 21 days before closing, which it considers reasonable under the circumstances, as the loan was not finalized with a related party of the Company until shortly before closing and the Company was attempting to close the transaction quickly.
Additional information relating to
President and CEO
Email: [email protected]
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