YDX Innovation Announces Entry into Revolving Convertible Loan Agreement and Convertible Debenture Financing

eSports
FWB:A2AP0L

YDX Innovation Corp. (TSXV:YDX)(OTCPINK:YDRMF)(FSE:A2PB03) (“YDX” or the “Company”), is pleased to announce it has entered into an unsecured convertible revolving loan agreement (the “Loan Agreement”) with an arm’s length lender, The Sarwal Group Enterprise Inc., for a revolving loan in the aggregate principal amount of up to $250,000 (the “Revolving Loan”) for a term of …

YDX Innovation Corp. (TSXV:YDX)(OTCPINK:YDRMF)(FSE:A2PB03) (“YDX” or the “Company”), is pleased to announce it has entered into an unsecured convertible revolving loan agreement (the “Loan Agreement”) with an arm’s length lender, The Sarwal Group Enterprise Inc., for a revolving loan in the aggregate principal amount of up to $250,000 (the “Revolving Loan”) for a term of one year. The Revolving Loan can be drawn down by the Company in full or in tranches, with such amounts bearing interest at 10% per annum and compounded monthly. At any time before the maturity date, the lender may convert any of the outstanding principal amount into common shares of the Company at a conversion price of $0.085 per share.

Any shares issued on conversion of the Revolving Loan will be subject to resale restrictions imposed by applicable securities laws. The Revolving Loan is subject to the approval of the TSX Venture Exchange (the “TSXV”).

The Company is also pleased to announce a non-brokered private placement of up to a maximum of $450,000 principal amount of unsecured convertible debentures (the “Debenture Offering”). Each debenture will consist of $1,000 aggregate principal amount of unsecured, non-transferable, convertible debentures (the “Debentures”). The Debentures will mature two years following closing of the Debenture Offering and bear interest at a rate of 10% per annum payable quarterly in cash. The principal amount of the Debentures is convertible into shares at the option of the holder at a conversion price of $0.85 per share. The Company anticipates that the proceeds of the Revolving Loan and the Debenture Offering will be used for general working capital purposes.

The Debentures, including any shares converted thereunder, will be subject to resale restrictions imposed by applicable securities laws. The Debenture Offering is subject to approval by the TSXV.

None of the securities issued in connection with the Revolving Loan or Debenture Offering will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

About YDX Innovation

YDX Innovation Corp. (TSXV- YDX :: www.ydxinnovation.com) is a technology company that develops products and services and is an expert in immersive technologies like Augmented and Virtual Reality, eSports events and Interactive Exhibitions under the following three divisions:

Arkave VR Arena – https://sales.arkavevr.com/ – a gaming platform that brings the most immersive Virtual Reality experience to Location Based venues with a highly scalable business model. Developed as an all-in-one gamers haven featuring state-of-the-art free room tech right down to the most nostalgic gaming systems.

YDreams Global – www.ydreamsglobal.com – have developed over 1,300 interactive experiences for clients all over the world such as Disney, NBA, Adidas, Cisco, Nokia, Nike, Mercedes-Benz, Coca-Cola, Santander, AmBev, Qualcomm, Unilever, City of Rio and Fiat.

Game On Festival – www.gameonfestival.com – is an interactive entertainment event that celebrates the video game universe. Designed for gamers, families and fans of all ages, this Festival is a fusion of culture, entertainment and fun through Interactive Exhibits, Game Arenas, eSports Tournaments, high impact collective experiences, among other fun activities, all brought together in one large exhibition style event.

More Information:

Daniel Japiassu
Director and CEO
dj@ydx.rocks
(604) 704-6466

contact@ydxinnovation.com | www.ydxinnovation.com | www.youtube.com/ydreamsglobal

This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, without limitation: TSXV approval of the Revolving Loan and Debenture Offering; the ability for the Company to raise funds and close the Debenture Offering; the refusal of the lender to advance funds under the Revolving Loan; and the proposed use of proceeds under the Revolving Loan and Debenture Offering. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. The Company’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of the Company’s control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the proposed financings, including: that the Company’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; the inability to complete the Debenture Offering in the amounts anticipated or at all; and that market competition may adversely affect the outcome of the business, results and financial condition of the Company. Except as required by securities law, the Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.

Neither the 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.

Click here to connect with YDX Innovation Corp (TSXV:YDX; OTC:YDRMF; FSE:A2AP0L) for an Investor Presentation.

Source

The Conversation (0)
×