VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 17, 2015) - BioHEP Technologies Ltd. (the "Company") is pleased to announce that it will enter into a convertible loan agreement (the "Loan Agreement") with 7 parties, including two directors and one officer, (collectively, the "Lenders") whereby the Lenders have agreed to lend the Company an aggregate sum of $130,000, primarily to pay current liabilities, provide working capital and to further the Company's business plan. The loan is convertible at a deemed price of $0.025 per share.
The Loan Agreement provides for a term of one year and bears simple interest at 14% per annum, with interest payable immediately upon the maturity date. The loan is unsecured. In consideration of the risk associated with the loan, the Company will pay the Lenders a 20% bonus consisting of an aggregate of 1,040,000 common shares of the Company at a deemed price of $0.025 per share.
The above loan includes a rollover of the $10,000 loan to one director and one officer dated October 31, 2014, which expired after one year on October 31, 2015, and has been renewed pursuant to the terms and conditions of the Loan Agreement.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus contacting detailed information about the company and management, as well as financial statements.
Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward‐looking information" within the meaning of applicable securities laws. Forward‐looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward‐looking statements, including, among others, the use of proceeds for the purposes. As required by securities legislation applicable to reporting issuers, it is the Company's policy to update, from time to time, forward-looking information in its periodic management discussions and analyses and provide updates on its activities to the public through the filing and dissemination of news releases and material change reports. The reader is cautioned not to place undue reliance on forward‐looking statements. More detailed information about potential factors that could affect projected results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
Contact Information:
Bruce Schmidt
Chief Executive Officer, Chief Financial Officer & Director
604-760-0160