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| Home : Essex Angel Capital Inc. Announces Loan Advance to 3 Gyros Inc. |
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May 26
2011 |
Essex Angel Capital Inc. Announces Loan Advance to 3 Gyros Inc. |
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TORONTO, ONTARIO--(Marketwire - May 26, 2011) - Essex Angel Capital Inc. (TSX VENTURE:EXC.P) (the "Corporation") is pleased to announce that further to its press release (the "Prior Press Release") dated May 2, 2011 announcing its proposed Qualifying Transaction, as such term is defined in policy 2.4 (the "Policy") of the TSX Venture Exchange (the "TSX-V"), subject to TSX-V approval and in accordance with section 8.5 of the Policy, the Corporation will provide a secured loan (the "Loan") in the amount of $200,000 to 3Gyros Inc. ("3Gyros") on customary terms and conditions prior to the completion of its Qualifying Transaction. The Loan will be payable on demand and will earn interest at a rate 2.0% per annum. The Loan will be secured by an already existing general security agreement covering all of 3Gyros' present and after acquired assets. The Corporation previously advanced a secured loan (the "Initial Loan") to 3Gyros in the amount of $25,000 on May 4, 2011. Subject to TSX-V approval and satisfaction of the conditions precedent outlined in the Prior Press Release, the Loan together with the Initial Loan will convert into, and form part of, the secured debentures of 3Gyros (the "3Gyros Investment") that the Corporation committed to purchase pursuant to a term sheet dated April 30, 2011, as more particularly described in the Prior Press Release. Subject to TSX-V approval and satisfaction of the conditions precedent outlined in the Prior Press Release, the 3Gyros Investment together with the Wellness Investment (as such term is defined in the Prior Press Release), will constitute the Corporation's Qualifying Transaction. |
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| Source:http://www.marketwire.com/mw/release.do?id=1519696&sourceType=3 |
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