Knightscove Media Corp.

Knightscove Media Corp.

October 07, 2010 14:42 ET

Knightscove Media Corp. Agrees to Loan Extension With Tonclay Capital Inc.

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - Knightscove Media Corp. (TSX VENTURE:KC.A)(TSX VENTURE:KC.B) ("Knightscove") has reached an agreement with Tonclay Capital Inc. to extend the maturation of its loan agreement entered into between the parties on May 23, 2008 which loan agreement was subsequently amended on May 31, 2009 and December 17, 2009 (collectively, the "Loan Agreement"). Pursuant to the terms of the extension, Knightscove and Tonclay Capital Inc. have agreed to extend the maturity date for payment of the remaining $100,000 owing under the Loan Agreement to March 23, 2011 (the "Extension").

As compensation for the Extension, Knightscove has agreed to issue an extension bonus equal to $9,000.00 to be paid to Tonclay Capital Inc. in the form of 75,000 subordinate voting shares, with each subordinate voting share to be issued at a deemed issue price of $0.12 per share (the "Extension Fee"). The issuance of the Extension Fee remains subject to the approval of the TSX Venture Exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release or the information contained herein.

Contact Information

  • Knightscove Media Corp.
    Leif Bristow
    President and CEO
    (416) 444-7900 x222