|
| Home : Findev Announces Second Advance to Condo Project and Change in Financial Year-End |
|
Oct 29
2016 |
Findev Announces Second Advance to Condo Project and Change in Financial Year-End |
|
TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - Further to its announcement via news release dated October 14, 2016 concerning the advance by Findev Inc. (TSX VENTURE:FDI) (the "Company" or "Findev") of a mezzanine loan in the amount of $5.5 million to Musee Residences Corp. for the construction of the condominium project known as "Musee - King Adelaide West" in Toronto, Ontario and in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB"), the Company is pleased to announce the advance of a second mezzanine loan in the amount of $5.5 million to Wellesley Residences Corp. for the construction of the condominium project known as "50 at Wellesley Station" in Toronto, Ontario. The loan bears interest at the rate of 10% per annum and matures on December 31, 2019. The Company will make other mezzanine loans as described in its management information circular dated August 23, 2016 in connection with the Proposed COB, subject to available funds and maintaining unallocated working capital thresholds. The TSX-V has conditionally approved the Proposed COB, subject to the completion and satisfaction of certain conditions. |
|
|
|
| Source:http://www.marketwired.com/mw/release.do?id=2170833&sourceType=3 |
| |
|
Related News
|
» Third Quarter 2016 Results Reported for DATATRAK International, Inc.
» Le gouvernement du Canada donne Un élan aux innovateurs basés à Calgary en achetant et mettant à l'essai leurs produits de pointe
|
|
|
