GC-Global Capital Corp. and Synchronica plc Enter Into $500,000 Loan Agreement
01 July 2011 - 3:18AM
Marketwired
GC-Global Capital Corp. (TSX VENTURE: GDE.A) ("Global Capital") and
Synchronica plc (TSX VENTURE: CTS) ("Synchronica") are pleased to
announce the completion of a 60 day secured loan (the "Loan") in
the principal amount of $500,000. The net proceeds of the Loan
shall be used for working capital requirements.
The Loan matures 29th August 2011 and bears interest at 1.25 per
cent per month, payable monthly. As consideration for providing the
Loan, Global Capital was issued 200,000 new common shares in
Synchronica and 285,714 share warrants, (exercisable at C$ 0.35
each for three years) which will vest only if the loan is not
repaid by the maturity date. The common shares issued pursuant to
the Loan will be subject to resale restrictions for a period of
four months from the closing date under applicable securities
legislation. The issued common shares represent a 0.13 per cent
dilution of Synchronica's outstanding shares.
Global Capital acted as lead lender in the transaction providing
$450,000 of the Loan along with a related party, the GC-Global
Capital Lending Partners Limited Partnership fund for $50,000.
Global Capital acted previously as the lead lender in another
loan transaction with Synchronica, announced in February, 2011.
About Global Capital
Global Capital is a merchant bank, which provides bridge loan
services, to companies across many industries such as oil &
gas, mining, real estate, manufacturing, retail, financial
services, technology and biotechnology.
Cautionary Statements
The foregoing information may contain forward-looking statements
relating to the future performance of Synchronica plc.
Forward-looking statements, specifically those concerning future
performance or results, are subject to certain risks and
uncertainties, and actual results may differ materially from
Synchronica's plans and expectations. These plans, expectations,
risks and uncertainties are detailed herein and from time to time
in the public filings and announcements made by Synchronica,
including those made with AIM, a market of the London Stock
Exchange, with the TSX Venture Exchange or with securities
regulators. Synchronica does not assume any obligation to update or
revise its forward-looking statements, whether as a result of new
information, future events or otherwise.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No stock exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein.
Contacts: GC-Global Capital Corp. Jason G. Ewart (416) 488-7760
www.gcglobalcapital.ca
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