On
The principal amount of the EROS Loan outstanding under the EROS Loan Agreement shall bear interest at a rate of 5.0% per annum and the EROS Loan shall mature on the earlier of: (i) demand by EROS; or (ii)
On the same date the Company entered a loan agreement (the 'Netolitzky Loan Agreement') with Mr.
The Company is exempt from the formal valuation requirement under MI 61-101 respecting the Netolitzky Loan as its common shares are listed for trading on the TSXV. The Company is also exempt from the minority approval requirement under MI 61-101 as the Netolitzky Loan has been provided on reasonable commercial terms that are not less advantageous to the Company than if it were obtained from an arm's length party. Further, the Netolitzky Loan is not convertible into or repayable in securities of the Company.
The Company did not file a material change report more than 21 days before the expected closing of the Netolitzky Loan, as the details of the Netolitzky Loan were not finalized until immediately prior to the signing of the Netolitzky Loan Agreement and the Company wishes to close the transaction as soon as practicable for sound business reasons. The Loan Agreements are subject to any required regulatory approval.
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Caution Regarding Forward-Looking Information and Statements
This news release includes certain forward-looking statements or information that could cause actual results to differ materially from MAS' plans or expectations. In particular, this press release contains forward-looking information relating to the use of proceeds of the EROS Loan and the Netolitzky Loan. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material factors and assumptions include the cost of operations and the availability of future capital. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: the need to obtain additional financing to continue operations and uncertainty as to the availability and terms of future financing; changes in tax laws; general economic and business conditions and changes in regulations. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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