VANCOUVER, BRITISH COLUMBIA–(Marketwired – Oct. 30, 2015) – Carrus Capital Corporation (TSX VENTURE:CHQ) (“Carrus” or the “Company”) is pleased to announce that it has entered into a loan agreement (the “Loan Agreement”) with Douglas Johnson, David Eaton and Chester Shynkaryk, the CEO and a Director of the Company (collectively, the “Lenders”), whereby the Lenders have agreed to lend the Company an aggregate sum of $40,000, primarily to enable the Company to settle its long term debt with Service Canada.
The Loan Agreement provides for a term of five years and bears simple interest at 14% per annum. The loan is unsecured. In consideration of the risk associated with the loan, the Company will pay the Lenders a 100% bonus consisting of an aggregate of 1,333,333 common share purchase warrants of the Company exercisable for 1,333,333 common shares at an exercise price of $0.03 per share.
The Loan Agreement and bonus shares are subject to acceptance for filing by the TSX Venture Exchange.
In addition, the Company entered into a new loan to replace the $130,000 loan dated September 30, 2014 (the “Original Loan”) which expired after a one year term. The Company entered into a new loan agreement for $130,000 (the “New Loan Agreement”) with the same six lenders who were a party to the Original Loan. The New Loan Agreement provides for a term of two years and bears simple interest at 14% per annum. The New Loan Agreement has no bonus shares or warrants and is unsecured.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Chief Executive Officer