Mr. Paul Morrison reports
HYDRO66 ANNOUNCES ADDITIONAL ADVANCE UNDER CONVERTIBLE LOAN
Hydro66 Holdings Corp. has requested and received additional advances of $172,000 (U.S.) and $128,000 pursuant to a secured convertible loan agreement with certain shareholders and directors of the company dated March 31, 2020.
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 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 the company's news release dated March 31, 2020.
The company will use the proceeds from the advances for working capital purposes.
About Hydro66 Holdings Corp.
Hydro66 owns and operates an award-winning co-location data centre in Sweden specializing in high-performance computing (HPC) hosting. The company hosts third party IT (information technology) infrastructure, using 100 per cent green power, at amongst the European Union's lowest power prices and within an ISO27001-accredited facility.
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