Vancouver, British Columbia--(Newsfile Corp. - September 25, 2019) - LOOPShare Ltd. (TSXV: LOOP) (OTCQB: LPPPF), world's first fully-integrated electric scooter sharing platform, announces that it has increased its previously announced bridge loan facility (the "Loan") with an arm's length third party (the "Lender") for additional proceeds of US$100,000.00 (please refer to press release dated July 24, 2019 for additional details). The Loan is repayable 90 days from issuance of the Loan. The Loan will bear interest at a rate of 1% per 30-day period, payable when the Loan is due.
In connection with the Loan, the Lender will be issued bonus warrants entitling it to acquire 531,000 common shares of the Corporation at a price of $0.05 per share. The bonus warrants are exercisable for a period of 12 months from the issuance of the Loan. The Warrants and the shares issuable on exercise of the Warrants will be subject to a statutory hold period expiring on the date that is four months and one day after the issuance of the Loan.
This transaction is subject to the approval of the TSX Venture Exchange.
LOOPShare offers connected end-to-end solutions for inner-city transportation vehicles specifically geared toward Transportation-as-a-Service (TaaS). To learn more, visit www.loopscooters.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48171