VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 7, 2016) - MediaValet Inc. (TSX VENTURE:MVP) (the Company), a leading provider of cloud-based digital asset management software, is pleased to announce that it has entered into a loan agreement (the "Loan Agreement") with Mr. David MacLaren (the "Lender") with respect to increasing its existing $1,000,000 loan facility, announced June 14th, 2016, to $1,250,000. The additional $250,000 (the "Loan") is repayable in full, 36 months after the initial advance, and bears interest at a rate of 15% per annum. Interest is payable monthly with the first payment due thirty (30) days after the first advance. The Company has entered into a general security agreement with the Lender as security for the Loan and any outstanding expenses incurred by the Lender on behalf of the Company.
The proceeds of the Loan will be used by the Company to support its growing sales and marketing initiatives; for accelerating new product enhancements, integrations and partnerships; and for general corporate purposes. No finder's fees were issued in connection with the Loan but a one-time setup fee of $2,500 will be paid to the Lender.
David MacLaren is the CEO and a director of the Company. As such, the Loan constitutes a "related party transaction" as defined under TSX Venture Exchange Policy 5.9 - Protection of Minority Securityholders in Special Transactions and Multilateral Instrument 61 - 101 Protection of Minority Security Holders in Special Transactions. The Loan remains subject to the approval of the TSX Venture Exchange.
About MediaValet, Inc.
MediaValet stands at the forefront of the cloud-based digital asset management industry. Built exclusively on Microsoft Azure and available on 34 highly secure and hyper scalable data centers around the world, MediaValet is uniquely equipped to meet the digital asset management needs of any organization, no matter its size, its industry or its location. Cutting-edge technology, exceptional product design, and unlimited friendly customer service are at the core of MediaValet's DNA -- ensuring exceptional customer and user experiences are delivered at all times.
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.