Vancouver, British Columbia--(Newsfile Corp. - September 18, 2017) - Endocan Solutions Inc. (CSE: WWM-Delisted) (the "Company" or "Endocan") reports that it has it has arranged a $250,000 CAD credit facility (the "Facility") from Phi Beta Capital Advisors Ltd. (the "Lender"), a company indirectly controlled by a family member of Rob van Santen, the CEO of the Endocan.
The Facility is evidenced by a convertible promissory note (the "Note") which is unsecured and is due 24 months from the date of issuance of the Note, upon an event of default, or upon a private placement of at least $300,000 in gross proceeds (the "Maturity Date"). Interest accrues at a rate of 10% per annum and is payable quarterly. The principal and interest under the Note is convertible at the election of the Lender with the conversion price being the higher of: (i) $0.05 per common share; or (ii) the allowable discount to market price for each common share as permitted by the rules of the Canadian Securities Exchange (the "Exchange"). The proceeds from the Facility will be used for general corporate purposes. As additional consideration for providing the credit facility, Endocan has agreed to issue a $15,000 CAD initiation fee and 200,000 bonus shares to the Lender. All securities issued in conjunction with the Facility will be subject to a four-month hold period under applicable securities law.
About Endocan Solutions Inc.
Endocan Solutions Inc. is a Reporting Issuer undergoing recapitalization and reorganization. It was delisted from the CSE on December 6, 2016, was subsequently put under new management, and has recently undergone a name change and share consolidation. The immediate objective is to recapitalize the Company and bring the required filings up to date under National Instrument 51-102, which includes audited annual financial statements with accompanying MD&A and Officer Certificates for the years ended October 31, 2015, 2016 and 2017. After completion of these filings, the Company intends to seek and secure a suitable business acquisition and requalify to meet the listing requirements of the Exchange.
ON BEHALF OF ENDOCAN SOLUTIONS INC.
(signed) "Robert van Santen"
Chief Executive Officer
For further information, please contact:
Greg Patchell
Telephone: +1.250.860.8634
Cautionary statements
This press release contains forward-looking information based on current expectations. Statements about the Company's expectations are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Endocan Solutions assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
