TORONTO, ONTARIO--(Marketwired - Oct. 28, 2016) - Further to its announcement via news release dated October 14, 2016 concerning the advance by Findev Inc. (TSX VENTURE:FDI) (the "Company" or "Findev") of a mezzanine loan in the amount of $5.5 million to Musee Residences Corp. for the construction of the condominium project known as "Musee - King Adelaide West" in Toronto, Ontario and in connection with its proposed change of business from one focused on the digital distribution of games for Smart TVs, next-generation set-top boxes and over-the-top devices, to that of lending to, investing in and financing real estate transactions (the "Proposed COB"), the Company is pleased to announce the advance of a second mezzanine loan in the amount of $5.5 million to Wellesley Residences Corp. for the construction of the condominium project known as "50 at Wellesley Station" in Toronto, Ontario. The loan bears interest at the rate of 10% per annum and matures on December 31, 2019. The Company will make other mezzanine loans as described in its management information circular dated August 23, 2016 in connection with the Proposed COB, subject to available funds and maintaining unallocated working capital thresholds. The TSX-V has conditionally approved the Proposed COB, subject to the completion and satisfaction of certain conditions.
In addition, the Company's Board of Director's has resolved to change the Company's financial year-end from May 31st to December 31st. This change will better align the Company's financial reporting periods to that of other industry participants in the real estate sector and facilitate assessment of the Company's business performance against its peers. As part of the change, the Company will report a one-time seven-month transition year covering the months June 2016 to December 2016. Subsequent to the transition year, the Company's first full financial year will cover the period January 1, 2017 to December 31, 2017. A Notice of Change in Year-End has been filed by the Company on SEDAR pursuant to National Instrument 51-102.
On behalf of the Company,
Sruli Weinreb, CEO
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