Mr. Paul Morrison reports
HYDRO66 ANNOUNCES COMPLETION OF INITIAL ADVANCE UNDER CONVERTIBLE LOAN AGREEMENT
Hydro66 Holdings Corp. has received initial advances of $1.05-million (U.S.) and $300,000 (Canadian), pursuant to a secured convertible loan agreement with certain shareholders and directors of the company, as previously announced on Dec. 19, 2018.
In connection with the initial advances, Hydro66 Holdings issued secured convertible promissory notes in favour of each lender. The maturity date of the principal amount, interest and any fees under the notes is seven years from the date of the initial advances; the rate of interest is 10 per cent per year. The interest for the initial two years under the notes shall not be payable until such time as the principal is repaid in full. For further details on the terms of the notes, please see Hydro66 Holdings' news release dated Dec. 19, 2018.
The notes issued pursuant to the transaction, as well as any common shares issued on conversion of the notes, will be subject to a statutory hold period in Canada of four months and one day following the issuance of the notes, in accordance with applicable securities laws. Additional resale restrictions may be applicable under the laws of other jurisdictions.
About Hydro66 Holdings Corp.
Hydro66 Holdings owns and operates a co-location data centre in Sweden specializing in HPC hosting. The company hosts third party IT (information technology) infrastructure, utilizing 100 per cent green power, at some of the European Union's lowest power prices and within an ISO27001-accredited facility. Hydro66 Holdings is continuing to expand its footprint, with plenty of room for continuing expansion at the existing location. The company provides truly green power at a leading price, purpose-built space and cooling, telecoms, IT support services, and 24-hour-a-day/seven-day-a-week physical security in its facility in Boden, Sweden.
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