BioHEP Technologies Ltd

August 07, 2015 18:34 ET

BioHEP Technologies Ltd. Announces Funds Raised From Loan Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2015) - BioHEP Technologies Ltd. (the "Company" or "BioHEP") announced that it has now closed the loan opportunity. On October 31, 2014, the Company entered into a loan agreement (the "Loan Agreement") with two directors (collectively, the "Lenders") whereby the Lenders agreed to lend the Company an, aggregate sum of $10,000, primarily for working capital purposes and to further the Company's business plan. The Loan Agreement provides for a term of one year and bears simple interest at 12% per annum, with interest payable upon maturity date. The loan is unsecured. As additional consideration of the risk associated with the loan, the Company was obligated to issue 80,000 common shares to the lenders. These common shares were issued on April 1, 2015.

The Company is currently working to raise additional funds through alternative types of the financing arrangements to allow for working capital as it reviews the business plan.

Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward‐looking information" within the meaning of applicable securities laws. Forward‐looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward‐looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward‐looking statements, including, among others, the use of proceeds for the purposes indicated. The Company undertakes no obligation to update forward‐looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward‐looking statements. More detailed information about potential factors that could affect projected results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.

Contact Information

  • BioHEP Technologies Ltd.
    Bruce Schmidt
    Chief Executive Officer, Chief Financial Officer & Director