Experience Art and Design Inc. (fka EXAD)

[PennyMaster]

$EXAD 8K Out!! Experience Art and Design – Closing Update.

The management of EXAD has secured a $200,000 short term bridge loan, in order to close the acquisition of Incite by August 31, 2017. The bridge loan will be funded once a formal commitment letter and closing date have been received from Wells Fargo.

As the current management has done previously, when they acquired Native Outfitters, the Company will enter into a non-dilutive bridge loan to close the transaction.

The bridge loan will be repaid from the proceeds of the loan being obtained through Wells Fargo, there will be no equity issued to fund or repay the loan.

The loan is currently working through the valuation process, once that is finalized the bank will issue a formal commitment letter and Closing date.

The Fourth Quarter will reflect the combined revenues of both Incite and Native on the books of EXAD.


http://archive.fast-edgar.com//20170815/AIAZ422CK222L2Z2222V22ZZAUNBZ2I27E92/