Zedcor Energy has amended its loan and security agreement with Maynbridge Capital to extend the maturity date March 25, 2021 in the principal amount of $12,107,975.
The current loan amount reflects a repayment of debt since March 25, 2019 of $2,206,275 funded through the sale of under-utilized assets and principal payments. The renewed agreement bears interest at 10.00% per annum, subject to conditions pursuant to the renewed agreement.
The interest rate of 10.00% per annum may increase to 12.75% per annum if all conditions precedent under a potential one-time advance up to a maximum amount of $6.55 million made available by the lender to the company by way of a non-revolving term loan are not satisfied on or before February 1, 2020, or such other date the lender and the company agree to.
The renewed Agreement has an extension fee of 3%, and will be serviced by fifteen months of interest only payments.
“The extension of our loan agreement announced today allows us to focus on the continued growth of our business, specifically the security and surveillance division. In conjunction, the Company remains committed to reducing debt through positive cash flows,” said Todd Ziniuk, president and CEO of the company._x000D_
Zedcor is engaged in the rental of surface equipment and accommodations, and providing security and
