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| Home : Formation Fluid Management Inc. Receives Loans of CAD$700,000 |
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Nov 07
2015 |
Formation Fluid Management Inc. Receives Loans of CAD$700,000 |
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CALGARY, ALBERTA--(Marketwired - Nov. 6, 2015) - Formation Fluid Management Inc. (DBA Formation Fluid Technology Inc.) (TSX VENTURE:FFM) ("FFM" or the "Corporation") is pleased to announce that it has obtained two secured non-convertible loans (collectively, the "Loans") in the amounts of CAD$200,000 and CAD$500,000 from Ken Rose, President, CEO and Director of the Corporation (the "Ken Rose Loan"), and Patch International Inc. ("Patch") (the "Patch Loan"), respectively. The Ken Rose Loan is evidenced by a promissory note issued by FFM to Ken Rose on October 27, 2015 (the "Ken Rose Promissory Note") and secured by a general security agreement. The amount outstanding under the Ken Rose Promissory Note bears no interest and is due and payable on demand. The Patch Loan is evidenced by a promissory note issued by FFM to Patch on November 6, 2015 (the "Patch Promissory Note") and secured by a general security agreement. Amounts outstanding under the Patch Promissory Note shall incur interest at a rate of 10% per annum, payable in arrears at maturity, and will be due six months from the date of issue. The security interests of the Ken Rose Loan and Patch Loan shall rank parri passu. |
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| Source:http://www.marketwired.com/mw/release.do?id=2071286&sourceType=3 |
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