Eve & Co Announces CAD$1M Private Financing
December 30, 2020 17:36 ET
| Source:
Eve & Co Incorporated
Eve & Co Incorporated
Strathroy, Ontario, CANADA
STRATHROY, Ontario, Dec. 30, 2020 (GLOBE NEWSWIRE) -- Eve & Co. Incorporated (TSXV: EVE) (OTCQX: EEVVF) (the “Company” or “Eve & Co”) announces that its wholly-owned subsidiary Natural MedCo Ltd (“NMC”) has entered into a CAD$1M financing loan with a private consortium of lenders (the “CAD$1M financing” or the “Loan”).
The CAD$1M financing has a two-year term and is to be received in two equal tranches of CAD$500,000. The first CAD$500,000 tranche has been received – net of issuance costs of approximately CAD$29,000 – and bears interest – payable monthly – at 15% per annum for the first year and 11% per annum for the second year. Monthly repayments of principal and interest can only be made during the second year of the term. The principal outstanding will be repaid to the Lender at the end of the two-year term.