Mr. Paul Morrison reports
HYDRO66 ANNOUNCES ADDITIONAL ADVANCE UNDER CONVERTIBLE LOAN
Hydro66 Holdings Corp. has requested and received additional advances of $525,000 (U.S.) and $150,000, pursuant to a secured convertible loan agreement with certain shareholders and directors of the company dated Dec. 19, 2018.
In connection with the initial advances made pursuant to the loan agreement, the company 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 and the rate of interest is 10 per cent per annum. 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 the company's news release dated Dec. 19, 2018.
The company will use the proceeds from the advances for continuing sales and marketing investment of the current co-location and cloud-hosting capacity.
About Hydro66 Holdings Corp.
Hydro66 owns and operates an award-winning co-location data centre in Sweden, specializing in high-performance computing (HPC) hosting.
We seek Safe Harbor.
© 2020 Canjex Publishing Ltd. All rights reserved.