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| Home : Canadian Quantum Announces Completion of Loans and Shares for Debt Transaction |
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May 07
2014 |
Canadian Quantum Announces Completion of Loans and Shares for Debt Transaction |
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CALGARY, ALBERTA--(Marketwired - May 6, 2014) - Canadian Quantum Energy Corporation
("Canadian Quantum" or the "Company") (TSX VENTURE:CQM) announced today that, further to its press release dated April 25, 2014, pursuant to the investment agreement (the "Investment Agreement") with Lang International Holdings Limited, a company registered in the British Virgin Islands (""Lang"), and Douglas Brett, the President and Chief Executive Officer of the Company, Lang has provided a short term loan (the "Lang Loan") to the Company in the amount of $350,000. The Lang Loan is evidenced by a promissory note and secured against the personal property of the Company. The Lang Loan will be repaid on the earlier of the closing of the previously announced proposed private placement offering of common shares of the Company ("Common Shares") for gross proceeds of $1,275,000 (the "Equity Private Placement"), or the deadline to file final documentation with the TSX Venture Exchange with respect to the Equity Private Placement, but in any event no later than May 30, 2014 (the "Maturity Date"), and does not bear interest prior to the Maturity Date, provided that if any amount of the Lang Loan is unpaid following the Maturity Date, it will bear interest at a rate of 12% per annum. In that regard, the parties amended the Investment Agreement to extend the deadline for the Lang Loan, the Debt Settlement and the Brett Loan (both as described below) from May 2, 2014 to May 6, 2014. The completion of the Lang Loan, the Debt Settlement and the Brett Loan is subject to final approval of the TSX Venture Exchange. |
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| Source:http://www.marketwired.com/mw/release.do?id=1907142&sourceType=3 |
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