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VANCOUVER, British Columbia, Sept. 18, 2023 (GLOBE NEWSWIRE) — Premier Diversified Holdings Inc. (“Premier” or the “Company“) (TSXV: PDH) announces that it has entered into certain loan agreements, as set out below.
Loan Agreements with MPIC Fund I
Premier entered into a loan agreement (“Loan Agreement”) dated August 9, 2023 with MPIC Fund I, LP (“MPIC“) for a secured loan in the principal amount of up to USD$200,000 (the “August Loan“). The August Loan matures on August 9, 2024 and bears interest at a rate of 6% per annum.
Premier entered into a loan agreement (“September Loan Agreement”) dated September 15, 2023 with MPIC for a secured loan in the principal amount of up to USD$140,000 (the “September Loan“). The September Loan matures on September 16, 2024 and bears interest at a rate of 6% per annum.
The August Loan and the September Loan are secured with all of the present and after-acquired property of the Company and rank equally in priority with all of the loans previously made to the Company by MPIC. The August Loan and the September Loan will be used for working capital, including for Premier’s partially owned subsidiaries, Purposely Platform Inc. (“Purposely”) and MyCare MedTech Inc. (“MyCare”) and may be used to acquire an additional interest in MyCare.
The Company is not issuing any securities, or paying any bonus, commission, or finder’s fees on the loan. The loan is repayable at any time without penalty. Purposely and MyCare are generating revenue, and the Company expects to receive re-payment of funds from such entities, allowing it to partially repay some of the funds owed to MPIC. The loan is subject to review and acceptance by the TSX Venture Exchange.
Amended Loan Agreements with MPIC Fund I, LP
The Issuer previously entered into a certain loan agreement dated August 4, 2022 for a loan from MPIC in the principal amount of USD$100,000. The parties entered into an amending agreement dated August 4, 2023 to extend the maturity date of the loan from August 4, 2023 to August 6, 2024.
The Issuer previously entered into a certain loan agreement dated September 7, 2022 for a loan from MPIC in the principal amount of USD$100,000. The parties entered into an amending agreement dated August 14, 2023 to extend the maturity date of the loan from September 7, 2023 to September 9, 2024.
The Issuer previously entered into a certain loan agreement dated July 22, 2021 in…
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