MediaValet Increases Senior Secured Loan Facility

MediaValet (TSXV:MVP) announced that it has entered into a loan agreement with Mr. David MacLaren with respect to increasing its existing $1,000,000 loan facility, announced June 14th, 2016, to $1,250,000.
As quoted in the press release:

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.