CANADA: Clearly Canadian granted loan extension
Clearly Canadian Beverage Corporation has elected to extend its loan facility with Quest Capital Corp.
The company acquired bridge loan funding in the amount of C$1.35m from Quest for an initial term of 6 months - maturing today (4 October) with the company having the right to extend the loan for a further 6 months.
During the initial 6 months of the loan, the company paid back C$685,253, thus leaving the current principal balance of C$664,747 which, as a result of the extension, will now be due on 4 April 2005.
As consideration for the extension of the loan, Clearly Canadian has issued 370,000 shares to Quest Capital Corp., the company said today. Of these, 202,500 shares are held in escrow and will be returned to the company for cancellation if the bridge loan has been repaid in full on or before 18 November 18 2004.
Concurrently with the extension of the Quest loan, a separate loan provided to the company by certain directors and officers for C$500,000 has also been extended for a further six months. In connection with such extension, the company will issue an aggregate of 165,000 shares to the directors and officers who provided such loan facility.
At this time, the company said it is also pursuing additional private financing to support the company's operations and to allow for more aggressive marketing and selling efforts for its beverage products, and thereafter, the company may also still proceed with a public offering of its securities.
Clearly Canadian markets premium alternative beverages, including Clearly Canadian sparkling flavoured water, Clearly Canadian O+2 oxygen-enhanced water beverage and Tre Limone sparkling lemon drink which are distributed in the US, Canada and various other countries.
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