Xineoh Announces Loan Agreement
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2020) - Xineoh Technologies Inc. ("Xineoh") announces that it has entered into a loan agreement with XL Media plc (the "Lender") for principal amount US$500,000 (the "Loan"). The Loan bears interest at the rate of 5% per annum, which interest will be payable on the maturity date which is one year from the date of issuance. Each of Lender and Company have the option to have the principal amount of the Loan, and all accrued interest, convert into common shares of Xineoh (each, a "Share") at a conversion price of US$0.085 per Share. Xineoh has the option to repay the Loan in advance of the maturity date, but any amounts repaid may not be re-borrowed. The proceeds from the Loan shall be used by Xineoh for general working capital purposes.
About Xineoh Technologies Inc.
ON BEHALF OF THE BOARD
"Vian Chinner"
Chief Executive Officer
Contact Information:
admin@xineoh.com
604-681-8030
Cautionary Note Regarding Forward-Looking Information
This news release discusses items that may constitute forward-looking information within the meaning of applicable securities laws and that involve risks and uncertainties. Such statements include those with respect to the repayment of the Loan, the conversion of the Loan into shares and the use of proceeds from the Loan. Although Xineoh believes that such forward-looking information is based on reasonable assumptions, it gives no assurances that it will be achieved, and actual results may differ materially. Assumptions include the following: Xineoh will obtain any necessary financing, no material obstacles will hinder Xineoh's operations, and Xineoh implement its business profitably. Factors that could cause actual results to differ include failure to effectively use available funds; failure of Xineoh's commercialization strategy; increases in operating costs; cybersecurity issues, labour disputes or similar risks; a deterioration in capital market conditions that prevents Xineoh from raising the funds that it requires on a timely basis; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; and an inability of Xineoh to implement a successful business plan. These factors and others are more fully discussed in Xineoh's filings available at www.sedar.com. Forward-looking information is made based on management's beliefs, estimates and opinions on the date that statements are made and Xineoh undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws.
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