Earth Alive Clean Technologies Inc. announces the signing of loan agreements
September 11 2024 - 4:37PM
Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth
Alive” or the
“Company”) announces that
it has entered into loan agreements for loans totaling CAD650,000
with two lenders, Mr. Nikolaos Sofronis and Mr. Vladimir Cardon de
Lichtbuer (each, a “
Loan”, and collectively, the
“
Loans”).
The Loans amount to CAD500,000 and CAD150,000,
respectively, will bear an annual interest rate of 15% and are
secured by a universal hypothec (mortgage) on the entirety of the
Company’s movable (personal) property. Interest accrued will be
capitalized annually and the Loans will be repayable upon demand.
The proceeds from the Loans will be used to meet the Company's
general cash flow requirements.
The Loan from Mr. Nikolaos Sofronis constitutes
a “related party transaction” within the meaning of Multilateral
Instrument 61‐101 – Protection of Minority Shareholders in Special
Transactions (in Québec, Regulation 61-101 respecting Protection of
Minority Shareholders in Special Transactions) (“MI 61‐101”). The
Company relied on the exemption from the formal valuation and the
minority shareholder approval requirements of MI 61‐101 contained
in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61‐101 on the
basis that the amount of the Loan from Mr. Nikolaos Sofronis does
not exceed 25% of the Company’s market capitalization. The Company
did not file a material change report disclosing the related party
transaction more than 21 days before the entering into of the Loan
from Mr. Nikolaos Sofronis as the details of such Loan were not the
settled. The Loans, including the Loan from Mr. Sofronis, have been
unanimously approved by the board of directors of the Company, with
Sofronis abstaining from voting on the resolution approving the
Loan from him.
About Earth Alive Clean Technologies
Inc.
Earth Alive is a leader in the microbial
technologies industry. Earth Alive’s innovative products contribute
to regenerative agriculture, natural dust suppression with minimal
water use, and ecological, human-friendly industrial cleaning. For
more information, please visit: https://earthalivect.com.
For inquiries, please contact:Nikolaos Sofronis, CEOPhone:
438-316-3562Mobile: +352-621-395-338Email:
nsofronis@earthalivect.com
Forward-Looking Information
Some information in this press release may
constitute forward-looking information and forward-looking
statements, reflecting the current view of management regarding the
Company’s objectives, plans, goals, strategies, prospects,
operating results, financial performance, operational outlook, and
opportunities. Words or expressions such as "anticipate", "will",
"expect", "potential", "optimistic", and similar terms identify
forward-looking information and statements. These forward-looking
statements should not be considered guarantees of future events,
performance, or results, and they may not necessarily indicate
whether, or when, such events, performance, or results will be
achieved.
Factors that could impact the achievement of
such events, performance, or results include, but are not limited
to, the Company’s ability to:
(i) achieve its sales targets in 2024;
(ii) improve operational efficiency;
(iii) significantly increase sales;
(iv) realize its strategic vision for 2024; and
other risks described in Earth Alive’s filings with Canadian
securities regulatory authorities.
For more information about these risks and other
risks, please refer to Earth Alive’s 2024 MD&A, Annual Report,
and other filings made with Canadian securities regulatory
authorities, available at https://sedarplus.ca. These documents are
also available on our website at https://earthalivect.com. Earth
Alive disclaims any obligation to update or revise any
forward-looking statements, unless required by applicable law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.