Wednesday, February 21, 2018 12:23:51 PM
On February 14, 2018, the Company has executed an agreement with St George Investments for $4,245,000 with the initial tranche being $850,000. The Company received the funds on February 20, 2018. As part of the initial tranche the Company repaid Auctus Fund. The Company moved forward with St. George because of how St. George is paid back. Instead of issuing shares the Company has the option to repaying the redemption amount in cash. Unlike other lenders where the Company has no option to repay in cash once the prepayment period has expired. St George Investments, starting six (6) months from Closing, may elect to redeem any portion of the outstanding balance in one or more redemption. The redemption(s) may be satisfied in cash or stock at the sole election of the Company . If the Company chooses to satisfy a redemption in cash, the redemption amount shall be multiplied by 110%.
St. George Investments - https://www.bloomberg.com/profiles/companies/1040137D:US-st-george-investments-llc
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