|
| Home : Futura Completes Loan Amendment and Raises $550,000 |
|
Mar 14
2012 |
Futura Completes Loan Amendment and Raises $550,000 |
|
TORONTO, ONTARIO--(Marketwire - March 14, 2012) - The Futura Loyalty Group Inc. (TSX VENTURE:FUT) (the "Company") today announced that it completed an amendment to its existing loan entered into on April 20, 2009 (the "Loan") as described in press releases dated April 21, 2009 and July 15, 2011. The Company raised an additional $550,000 by way of a discounted loan resulting in the amount of $687,500 (the "Additional Principal") being added to the original principal of the Loan. The original principal of the Loan bears interest at a rate of 15% per annum with interest accruing until the maturity date. Interest on the Additional Principal will accrue at a rate of 15% until March 31, 2013 and thereafter, interest will be payable on the Additional Principal on a quarterly basis. The Company has also secured a further extension of the Loan until August 31, 2014. These proceeds will be used for working capital to fund Futura business expansion initiatives in Canada and the United States. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1631722&sourceType=3 |
| |
|
Related News
|
» Gimus Resources Inc. Closes Flow-Through Private Placement
» VersaPay Announces Brokered Private Placement
|
|
|
