Previous 8K addresses that clearly. Pursuant to the terms of the LOI, the parties agreed to enter into a definitive agreement that will provide for the following, among other things:
Current Report Filing (8-k) Date : 07/18/2019 @ 4:10PM Source : Edgar (US Regulatory)
1. Ontario will enter into a loan agreement with the Registrant (the “Loan Agreement”) pursuant to which Ontario will make a secured loan of US$1,450,000 (the “Loan”) to the Registrant on or before the Closing Date (July 30, 2019). A portion of the Loan amount shall be placed into the trust account of legal counsel to Ontario and directed to fully repay approximately US$750,000 principal amount of convertible debt of the Registrant (the “Convertible Debt”) that is currently outstanding, and the balance shall be used as working capital. The Loan will be convertible, at the option of Ontario, into common shares of the Registrant at US$0.04 per share (36,250,000 common shares). The Loan will automatically convert into common shares of the Registrant at US$0.04 per share upon completion of the Concurrent Placement (as defined below).
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