Mercal Capital Corporation Announcing Loan to Folia Biotech Inc.
Loan Transaction
(firmenpresse) - OTTAWA, ONTARIO -- (Marketwired) -- 05/01/17 -- Mercal Capital Corporation ("Mercal" or the "Corporation") (TSX VENTURE: MUL.P), a capital pool company, has agreed to loan to Folia Biotech Inc. ("Folia"),the target company with which Mercal has entered into a letter of intent for a qualifying transaction, $225,000 with 15% interest per annum until June 1, 2017, and after June 1 with 25% interest per annum calculated daily by way of a secured promissory note (the "Note"). The Note shall mature and be repayable on the earlier of (i) the closing of a qualifying transaction between Mercal and Folia; or (ii) December 31, 2017 and all principal and other amounts owing or outstanding under the Note will be due and payable on such date. The Note shall be secured by way of Deed of Hypothec registration against Folia with respect to the universality of all of its movable (personal) property, present and future, corporeal and incorporeal, of whatever nature or wherever situated.
This loan transaction is subject to approval by the TSX Venture Exchange pursuant to policy 2.4. Mercal is submitting its application for such approval today.
Funds from the loan transaction are intended to allow Folia to continue working with partners as well as for Folia''s own general corporate purposes and for further research and development in the ordinary course of its business.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
ABOUT MERCAL
The Corporation is a capital pool company (a "CPC") that has not commenced commercial operations and has no assets other than cash. Except as specifically contemplated in the TSX Venture Exchange Inc.''s CPC policy, until the completion of its qualifying transaction, the Corporation will not carry on business, other than the identification and evaluation of businesses or assets with a view to completing a proposed qualifying transaction.
ABOUT FOLIA
Folia is a clinical stage biopharmaceutical company focused on exploiting its proprietary immuno-therapeutic platform to bring to market highly efficacious therapeutic products that fulfill large unmet needs principally in oncology and certain infectious diseases.
Contacts:
Tim McCunn
Chief Executive Officer
Mercal Capital Corporation
(613) 566-2831
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Datum: 01.05.2017 - 14:30 Uhr
Sprache: Deutsch
News-ID 1501585
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