TORONTO, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Ocham’s Razor Capital Limited (“Ocham’s” or the “Company”) announced today that it has entered into a loan agreement with its principal shareholder, Marrelli Capital Limited (“Marrelli Capital”), pursuant to which advances aggregating approximately $278,000 have been made to the Company (the “Loan”). The Loan is unsecured, repayable on demand and bears interest at the rate of 2% per annum. The Loan was made to allow the Company to meet working capital requirement and for investment of idle funds pending application.
Marrelli Capital owns 69.8% of the outstanding shares of the Company and the Loan transaction was considered to be a “related party transaction” under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (the “Rule”). The Loan Transaction was exempt from the formal valuation requirements of the Rule as the Company is not listed on a specified exchange, and from minority approval requirements of the Rule as the Loan is on reasonable terms no more advantageous than if obtained from a party dealing at arm’s length with the Company and has no voting or equity component.
About Ocham’s Razor Capital Limited
Ocham’s Razor Capital Limited is an unlisted reporting issuer searching for businesses or assets to merge with or acquire.
For additional information please contact:
Rob Suttie
Chief Executive Officer
Ocham’s Razor Capital Limited
Tel. 416-848-6865
E-mail: rsuttie@marrellisupport.ca
