THCBF - OTC
VANCOUVER , May 29, 2019 /CNW/ - THC BioMed Intl Ltd. ("THC" or the "Company") (THC.CN) announces that it has entered into a line of credit with President, CEO and director John Miller for up to $500,000 (the "Line of Credit").
Each separate draw down of funds from the Line of Credit ("Draw Down Amount") will not bear interest for the first three calendar months following its withdrawal. On the last day of the third month following its withdrawal, each Draw Down Amount becomes due and payable by the Company to the Mr. Miller. In the event that a Draw Down Amount is not repaid on the business day following the last day of the third month following the withdrawal of that Draw Down Amount, then the Draw Down Amount will incur interest at a rate of the Prime Rate plus 1%. The Interest will be calculated and payable monthly, on the last business day of each month until the Line of Credit is repaid in full.
The Line of Credit will be used for general working capital and expansion of THC's facilities.
THC is an ACMPR Licensed Producer and Canada's largest supplier of legal Cannabis Genetics. THC is on the leading edge of scientific research and the development of products and services related to the medical cannabis industry. Management believes THC is well-positioned to be in the forefront of this rapidly growing industry. Please visit our website for a more detailed description of our business and services available. www.thcbiomed.com
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of THC. Forward-looking information is based on certain key expectations and assumptions made by the management of THC. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although THC believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because THC can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release and include that (a) John Miller will provide the Company with a line of credit up to $500,000 and (b) the line of credit will be used for general working capital and expansion of THC's facilities. THC disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
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SOURCE THC BioMed
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