Premier Diversified Holdings Inc. closes loan

0

VANCOUVER, British Columbia, June 28, 2021 (GLOBE NEWSWIRE) –

Loan agreement

Premier Diversified Holdings Inc. (“First“or the”Company“) (TSXV: PDH) announces that it has entered into a loan agreement with MPIC Fund I, LP (“MPIC“) for a secured loan with a principal amount of up to US $ 95,000 (the”Ready“). The Loan matures on June 28, 2022 and bears interest at the rate of 6% per annum. The Loan is secured by all current and acquired property of the Company and ranks equally with all previously granted loans. to the Company by MPIC The loan will be used for working capital and may be used to acquire an additional interest in MyCare MedTech Inc., a telehealth company.

The Company does not issue any securities, nor does it pay any premium, commission or intermediation commission on the Loan. The Loan is repayable at any time without penalty. The Company plans to partially repay the funding after receiving funds from part of its investment in Arcola, which is expected to partially distribute funds to investors in the third quarter of 2021.

Disclosure of Related Party Transactions

Because MPIC is a controlling person of Premier, the loan constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101. Protection of holders of minority securities in special transactions (“MI 61-101The loan has been determined to be exempt from the requirements for obtaining a formal appraisal or minority shareholder approval based on Sections 5.5 (b) and 5.7 (1) (f) of Regulation 61- 101.

Premier does not have any securities listed or listed on any of the specified markets listed in section 5.5 (b) of MI 61-101. Premier relies on the exemption from minority shareholder approval in 5.7 (1) (f) of MI 61-101 because the loan was obtained by Premier from MPIC on reasonable commercial terms which are no less advantageous to Premier only if the loan had been obtained from a person dealing at arm’s length with Premier. In addition, the loan is not convertible, directly or indirectly, into shares or voting securities of Premier or any subsidiary of the issuer, or otherwise participating in nature, or repayable in principal or interest. , directly or indirectly, in shares or securities with voting rights. of Premier or a subsidiary of the issuer.

The loan is subject to review and acceptance by the TSX Venture Exchange.

Loan agreements amended with MPIC Fund I, LP.

Premier entered into a loan agreement with MPIC on July 15, 2020 with a principal amount of $ 40,000. This loan was due to mature on July 15, 2021. MPIC and Premier have agreed to extend the maturity date to July 15, 2022.

About Premier Diversified Holdings Inc.

Premier Diversified Holdings Inc. participates in diversified industries through its acquisitions of securities and / or assets of public and private entities which it believes have significant return potential. It can act as a holding company (either directly or through a subsidiary) and can participate to varying degrees in the management of subsidiary entities.

On behalf of the board of directors

“Sanjeev Parsad”

Sanjeev Parsad
President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in jurisdictions in which such an offer, solicitation or sale would be illegal. Any offer made will be under available prospectus exemptions and limited to persons to whom the securities may be sold in accordance with the laws of those jurisdictions, and by persons authorized to sell the securities in accordance with the laws of those jurisdictions.

Further information relating to the Company is available on SEDAR at www.sedar.com.

Do not broadcast in the United States of America.

Legal Notice Regarding Forward-Looking Statements: This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements are stated expectations or intentions. Forward-looking statements contained in this press release include statements regarding the terms of the loan, including the maturity date), that PDH will repay the MPIC loan as set out in the press release, that the net proceeds of the loan will be used as stated in this press release, and that the funds will be distributed by Arcola in the third quarter of 2021. Factors that could cause actual results to differ materially include, but are not limited to, the following: any income that PDH earns indirectly through its operating subsidiaries or by the return of funds by Arcola will be insufficient to repay the loans to MPIC, that the terms and conditions of the various loans can be changed, that the management or board of directors of PDH can use its income or other funds for other purposes, that the capital raised will be insufficient capital to accomplish our intentions and capital alone may not be sufficient to enable us to develop our business, that the financial situation of the issuer will not improve, stay the same or decline any more, that the time of receipt of income or anticipated returns may be delayed, that its expenses costs, including general and administrative costs, will increase and unforeseen complications or obstacles due to COVID-19 or other factors may negatively impact Premier. Investors are cautioned not to place undue reliance on forward-looking statements. Our policy is not to update any forward-looking statements.


        


Source link

Share.

Leave A Reply