17:00:41 EST Tue 10 Dec 2019
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or Name

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Loopshare Ltd
Symbol LOOP
Shares Issued 41,791,256
Close 2017-11-16 C$ 0.04
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Loopshare arranges $150,000 loan with lender Oceanside

2017-11-16 19:47 ET - News Release

Mr. Anwar Sukkarie reports


Loopshare Ltd. has entered into a loan agreement dated Nov. 16, 2017, with Oceanside Strategies Inc. and Anwar Sukkairie, pursuant to which Oceanside has agreed to loan to Loopshare the principal amount of $150,000.

The principal balance of the loan and interest accrued thereon may be repaid, in whole or in part, by Loopshare at any time and from time to time, without bonus or penalty. To the extent not already repaid, the outstanding balance of the loan and interest accrued thereon shall be immediately due and payable on the date that is six months from the date that the loan is advanced by Oceanside to Loopshare. The loan bears interest at a rate of 10 per cent per annum, calculated and compounded monthly based on the number of days actually elapsed in a 365-day year, and will be payable on the maturity date.

In consideration for the loan, Loopshare has agreed to issue to Oceanside a bonus of 3,000,000 non-transferable share purchase warrants. Each warrant entitles Oceanside to purchase one additional common share of Loopshare at a price of five cents per warrant share for a period of one year from the date the loan is advanced.

The warrants and the warrant shares issuable on exercise of the warrants will be subject to a statutory hold period expiring on the date that is four months and one day after closing.

The loan and the issuance of the warrants are subject to the approval of the TSX Venture Exchange.

About Loopshare Ltd.

Loopshare, a Vancouver company established in 2009, and its wholly owned subsidiary, Saturna Green Systems Inc., have commercialized a first-generation, wireless ruggedized seven-inch touch screen dashboard with telematics functionality for electric inner-city vehicles. Loopshare's highly specialized display enables a broad range of services for consumer, tourism or commercial use.

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