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Wednesday, December 11, 2019 7:48:05 AM
During 2017, the Company issued convertible promissory notes in the amount of $304,239
(US$224,900). The notes are non-interest bearing, unsecured and mature on December 31, 2021.
The notes may be converted into common shares of the Company in whole or in part at the option
of the holder upon terms to be determined by the Company either 10 days prior to repayment of
the note or the maturity date, whichever shall occur first. The notes become immediately payable
should the Company complete financing in excess of US$5,000,000 prior to the maturity date,
and bear interest at 3% per annum compounded annually should the Company default on the note.
During 2017, the Company issued convertible promissory notes in the amount of $1,053,647
(US$836,190). The notes are unsecured, bear interest at between 10% and 12% per annum from
the date of issue and mature between 6 months and one year after the date of issuance. Any
amount of interest or principal that is not paid on the maturity date bears interest at 22% to 24%
per annum from the maturity date to the date of payment. Any amount of principal and or interest
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