- The loan is non-convertible
- The loan term is 1 year
- The funds will be used to pay down existing debt
COCONUT CREEK, Fla., June 22, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc., f/k/a Cannabis Consortium, has secured a non-convertible loan for $1 million dollars from the same party that invested $1 million dollars in the previously announced private placement.
The loan is non-convertible, and will not cause any dilution for Global Consortium, Inc. The Note has a term of 1 year and carries an interest rate of 6%. Funding of the loan will be completed on or before July 3, 2018, and funds will be disbursed to the parties on the same day.
Global Consortium will use the funds to pay down the note for $1.5 million owed on the Indulge Oils transaction. An agreement has been entered into with the Company's President Tom Roland, to extend a portion of the final payment of $500,000 until the end of July 2018. A short-term note for 30 days will be entered into between Global Consortium Inc. and Mr. Roland.
After the July 4th break, Global will report on its revenue figures for the period ending June 30, 2018.
Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Details of the Company's business, finances, appointments and agreements can be found as part of the Company's continuous public disclosure on otcmarkets.com.
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