Patch International Inc.

November 06, 2015 13:28 ET

Patch International Inc. Advances CAD$500,000 Loan to Formation Fluid Management Inc.

CALGARY, ALBERTA--(Marketwired - Nov. 6, 2015) - Patch International Inc. ("Patch" or the "Corporation") is pleased to announce that it has advanced a secured non-convertible loan (the "Loan") in the amount of CAD$500,000 to Formation Fluid Management Inc. (DBA "Formation Fluid Technology") ("FFT"), a company listed on the TSX Venture Exchange. The Loan is evidenced by a promissory note issued by FFT to Patch (the "Promissory Note") and secured by a general security agreement. Amounts outstanding under the Promissory Note shall accrue interest at a rate of 10% per annum, payable in arrears at maturity, and will be due on May 5, 2016. The Loan will be used by FFT for working capital and general and administrative expenses.

The Loan remains subject to final approval of the TSX Venture Exchange.

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