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Eight Solutions Announces $500,000 Loan from a Director
Thursday, January 28, 2016Company Profile | Follow Company
Vancouver, BC, January 28, 2016--(T-Net)--Eight Solutions Inc. (TSXV:ES) announced today that it has entered into a loan agreement with a director of the Company in the amount of $500,000.
The demand loan bears interest of 12% per annum, matures six months from the date of advance and is secured by a general security agreement against the assets of the Company.
The lender may demand repayment of principal and interest anytime after March 31, 2016. In connection with entering into the loan agreement the lender will receive a commitment fee equal to 2% of the principal amount.
Proceeds from the loan will be used for general working capital purposes. Closing of the loan agreement is subject to receipt of all applicable regulatory and exchange approvals.
The loan is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its shares being listed on the TSX Venture Exchange) and the exemption from the minority approval requirement in section in section 5.7(f) of MI 61-101 (as a result of the transaction involving a loan without any equity component).
A material change report will be filed less than 21 days before the closing date of the transaction. This shorter period is reasonable and necessary in the circumstances to allow the Company to obtain financing for working capital.
About Eight Solutions
Eight Solutions is a technology company led by a team of gaming industry veterans. Eight Solution's flagship product is Cumul8, a data analytics and visualization solution. Cumul8 works with any type of data source to help people and companies understand, collaborate, and make better decisions with data. Eight Solution's portfolio also includes an award-winning 3D technology licensed to the film industry; and Reelhouse, a unique video-on-demand platform that allows filmmakers to distribute their content directly to users. For more information, visit www.eightsolutions.com.
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.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Eight believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
For more Information, please contact:
Danielle Rockel
Vice President of Corporate Affairs
Danielle@eightsolutions.com
Suite 100, 138 East 7th Avenue
Vancouver, British Columbia, V5T 1M6
Phone: (604) 669-8885
Fax: (604) 669-8855
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