MONTREAL, QUEBEC--(Marketwired - Jan. 16, 2014) - ZoomMed Inc. (TSX VENTURE:ZMD) (the "Corporation") announces the closing of a non-revolving loan, for a principal amount not exceeding US$2,000,000 (the "Loan"), of which US$1,664,318.92 has already been advanced, and the repayment of the CA$1,500,000 current convertible debenture.
The new secured debenture's maturity date is December 31, 2014 and the annual interest rate is 17%. This debenture is subject to a bonus of shares of 4,607,795 common shares of the capital stock of ZoomMed at a deemed price of 0.05 $ CA each, in accordance with rule 5.1 of the TSX Venture Exchange Policy. The Corporation has granted to the lender, as security for the payment and performance of the obligations under the Credit Agreement, a security interest in favor of the lender charging the universality of the Corporation's present and after-acquired movable property, corporeal and incorporeal. The whole is subject to the final approval of the TSX Venture Exchange and the other regulatory approvals.
The Company builds and operates "ZoomMed's communication network", a clinical information exchange platform between physicians and the various other stakeholders of the healthcare sector, such as pharmacists, specialists, pharmaceutical corporations, laboratories, specialized clinics and others.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.