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TORONTO, ONTARIO--(Marketwired - June 22, 2017) - UpSnap Inc. (CSE:UP)(CSE:UP.CN)(CNSX:UP) ("UpSnap" or the "Company"), a leading provider of mobile advertising solutions, today announced that it has arranged a debt financing ("Financing") with User Friendly Media (or an affiliate thereof, "UFM") by way of a secured debenture (the "Debenture") in the aggregate principal amount of CAD $200,000. The Debenture is due on June 22, 2018 and will entitle UFM to an annual interest rate of 13.5% (the "Interest") on the principal amount of the Debenture. Pursuant to the terms of the Debenture, the Interest shall be paid quarterly to UFM commencing on September 30, 2017 through the issuance of common shares in the capital of UpSnap ("Shares") based on the five day volume weighted average price of the Shares immediately preceding an interest payment date. In connection with the Financing, the Company will grant a security interest to UFM under a general security agreement covering all of the assets of the Company. |
