The Company has entered into a funding agreement with RiverFort Global Capital Ltd (RiverFort) for the provision of an aggregate loan of up to A$1,000,000 (Loan). The loan term is for four months from the Execution Date (“Maturity Date”) being 24 April 2024. The loan attracts a 10% fixed coupon paid in cash on the Maturity date. A first ranking general security over all present and after acquired property of the Company. The Principal and Interest shall be repaid in cash on or before the Maturity Date. If the Company elects not to repay any outstanding Principal and/or Interest balances in cash on or before the Maturity Date, Extension Terms shall apply thereafter.
Repayment of loan is due in 2 weeks, not 3. As Asimwe has stated that he has no intention of extending the loan, he either has something else up his sleeve or we can expect some very welcome news of some sort. I hope it's both. For him to convince our largest shareholders to chip in up to $500k in cash at the beginning of last month he must be confident of something and was able to impart that confidence to said shareholders as I'm sure none of them would be the gambling type.
VRC Price at posting:
0.4¢ Sentiment: Hold Disclosure: Held
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