17 Nov FINDEV ANNOUNCES SECOND ADVANCE TO WELLESLEY CONDO PROJECT
TORONTO, CANADA – November 17, 2016 – Further to its announcement via news release dated October 28, 2016 concerning the advance by Findev Inc. (TSX-V: FDI) (the “Company” or “Findev”) of a 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 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 $2 million to Wellesley Residences Corp. on November 16, 2016.
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.
On behalf of the Company,
Sruli Weinreb, CEO
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.
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