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Avcorp announces contract extension with Boeing
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Avcorp Announces Accommodation Agreement with Significant Shareholder and a Customer
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VANCOUVER, BC, March 15, 2021 /PRNewswire/ - Avcorp Industries Inc. (TSX: AVP) (the Company or Avcorp ) is pleased to announce today that it has entered into a multi-party Accommodation Agreement with each of a significant shareholder and one of our customers (the Agreement ) whereby, inter alia:
The shareholder has agreed to provide a new non revolving standby loan facility and capital equipment loan to the Company for up to $13 million USD combined; and
The elimination of unamortized cash advances and forgiveness of certain historic and future guarantee fees payable to the customer totalling in aggregate approximately $11 million USD.