Earth Alive Clean Technologies Inc. Enters Loan Agreements
Earth Alive Clean Technologies Inc. (TSXV: EAC), based in Montréal, has successfully secured loan agreements totaling CAD 650,000. This financing comes from two lenders: Mr. Nikolaos Sofronis, who contributed CAD 500,000, and Mr. Vladimir Cardon de Lichtbuer, who provided CAD 150,000.
Loan Terms and Security Details
The loans carry an annual interest rate of 15% and are secured by a universal hypothec on the company's movable assets. This approach enables Earth Alive to leverage the interest generated on the loans each year. The funds obtained from these loans are primarily intended to support the company’s overall cash flow needs.
Related Party Transaction and Regulatory Compliance
The loan agreement with Mr. Nikolaos Sofronis is viewed as a related party transaction in accordance with the Multilateral Instrument 61-101 regulations. The company has chosen to utilize an exemption from formal valuation and minority shareholder approval since the loan’s value does not exceed 25% of the company's market cap. The board of directors has unanimously approved these transactions, with Mr. Sofronis opting to abstain from voting.
Overview of Earth Alive Clean Technologies Inc.
Earth Alive is a trailblazer in the realm of microbial technologies, focusing on innovative solutions that promote regenerative agriculture and effective natural dust suppression. Their products are crafted to be environmentally friendly, addressing both ecological requirements and public health concerns.
Enhancing Operations and Financial Practices
This infusion of capital is set to significantly enhance Earth Alive's operational capabilities, enabling a stronger focus on achieving sales goals and improving efficiency as the company navigates its market environment.
Dedication to Sustainable Operations
Earth Alive's dedication to sustainability permeates every facet of its business. By investing in microbial technologies, the company strives not just to elevate agricultural productivity but also to actively support environmental conservation efforts.
Corporate Communication and Contact Information
For more details or inquiries related to Earth Alive Clean Technologies Inc., you can reach out directly to Nikolaos Sofronis, the CEO. He is available at 438-316-3562 or on his mobile at +352-621-395-338. For email correspondence, you can contact him at nsofronis@earthalivect.com.
Frequently Asked Questions
What is the total amount of the loans Earth Alive has secured?
Earth Alive Clean Technologies Inc. has secured loans totaling CAD 650,000.
Who are the lenders involved in the loan agreements?
The lenders are Mr. Nikolaos Sofronis and Mr. Vladimir Cardon de Lichtbuer.
What will the loan proceeds be used for?
The proceeds from the loans will be utilized for the company’s general cash flow requirements.
What annual interest rate is applied to the loans?
The loans will bear an annual interest rate of 15%.
Is the loan from Mr. Sofronis considered a related-party transaction?
Yes, the loan from Mr. Nikolaos Sofronis is classified as a related-party transaction according to regulatory guidelines.