Slyce Inc. Announces New Loan Arrangements

Slyce Inc. (TSX V:SLC), a visual product search platform, is entering into certain loan arrangements. Furthermore, the company has offered an update concerning the closing date of its short form prospectus Offering.
According to the press release:

The Corporation [Slyce] is pleased to announce that certain current members of management, directors and a principal shareholder (collectively, the “Insiders”) of the Corporation have irrevocably subscribed for an aggregate of $255,000 in non-interest bearing unsecured promissory notes (the “Notes”) of the Corporation, which Notes shall be converted at the election of the individual Insider as a subscription for Units pursuant to its previously announced Offering (as defined below) or be repayable by the Corporation as unsecured debt. The proceeds of the Notes are being used to finance certain short term working capital needs of the Corporation.
The Corporation also announces today that it has entered in to a standby commitment loan agreement for a secured bridge loan of up to CDN$1 million (the “Bridge Loan”). In consideration for and upon entering into the Bridge Loan, Slyce has agreed to pay a standby fee in the amount of CDN$20,000. Slyce has also agreed to pay a commitment fee in the amount of CDN$20,000 and to issue 150,000 common shares of Slyce (“Common Shares”) to the lender, in consideration for any advance under the Bridge Loan, subject to TSX-V approval.
The Bridge Loan shall be made available in one advance of up to CDN$1 million (the “Advance”) on or before February 5, 2016 and will bear interest at one and one-half percent (1.5%) per month. The lender has the option to convert any amount of the outstanding principal amount, together with accrued interest, into Units of Slyce pursuant to and in accordance with the terms of the Offering.

Click here to read the full press release.