Vancouver, BC / TheNewswire / November 16, 2017 - LOOPShare Ltd. (TSX-V: LOOP) (" LOOPShare "), a global provider of electric scooter shared fleet services and technology, today announces that, it has entered into a loan agreement dated November 16, 2017 (the " Loan Agreement ") with Oceanside Strategies Inc. (" Oceanside ") and Anwar Sukkairie, pursuant to which Oceanside has agreed to loan to LOOPShare the principal amount of $150,000 (the " Loan ").
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 " Maturity Date "). The Loan bears interest at a rate of 10% 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, a " Warrant "). Each Warrant entitles Oceanside to purchase one additional common share of LOOPShare (each, a " Warrant Share ") at a price of $0.05 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 Ltd. (TSX-V: LOOP) a Vancouver company established in 2009 and its wholly owned subsidiary Saturna Green Systems Inc. have commercialized a first generation, a wireless ruggedized 7" touchscreen 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.
LOOPShare's purpose is to develop and deploy connected end-to-end solutions for inner-city transportation vehicles, specifically geared toward Transportation as a Service (" TaaS "). Through Zone Operators worldwide, LOOPShare will implement TaaS solution to offer Commuter Convenience and Tourist applications to subscribers based on LOOPShare's commuter/tourism/business-focused, unique, state-of-the-art wireless two-wheel electric sharing technology. "Loop" is a trademark of LOOPShare Ltd. For further information, please visit www.loopscooters.com.
For further information on LOOPShare, Investor Relations Contact:
please contact: Walter Spagnuolo
Anwar Sukkarie, CEO +1 (604) 343-8661
+1 (604) 568-1598 +1 (604) 306-8477
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Statements
Statements contained in this news release that are not historical facts constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date of this release. Forward-looking statements include, without limitation, possible events and statements with respect to the Loan and the Acquisition. The words "is expected" or "estimates" or variations of such words and phrases or statements that certain actions, events or results "may" or "could" occur and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by LOOPShare as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include failure of LOOPShare to obtain the necessary approval for the Loan, failure of LOOPShare to be able to repay the Loan, and any other factors that may cause the Loan not to be repaid. Many of these factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, LOOPShare in this release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. All of the forward-looking statements made in this release are qualified by these cautionary statements. Although LOOPShare believes that the expectations in the forward-looking statements are reasonable, actual results may vary, and future results, levels of activity, performance or achievements cannot be guaranteed.
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