/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, April 25,
2024 /CNW/ - Kadestone Capital Corp.
("Kadestone" or the "Company") (TSXV: KDSX.V) (OTCB:
KDCCF), a vertically integrated property company today announced
that, further to its news release dated May
2, 2022, the Company has entered into an amended and
restated loan agreement with the Zhang Family (2015) Trust (the
"Lender") (the "Restated Loan Agreement"), which
becomes effective as of May 1, 2024
and amends and restates the term loan previously provided by the
Lender to the Company by way of an unsecured, non-revolving credit
facility (the "Loan").
The aggregate amount of the Loan has increased from $10,000,000 to $10,973,540, which includes $973,540 of accrued interest, and has been
extended to May 1, 2028 (the
"Maturity Date"). The Loan bears interest at a rate equal to
9% per annum from May 1, 2024 until
April 30, 2025, a rate equal to 11%
per annum from May 1, 2025 until
April 30, 2026, a rate equal to 13%
per annum from May 1, 2026 until
April 30, 2027 and a rate equal to
15% from May 1, 2027 to April 30, 2028. The outstanding principal amount
of the Loan, together with unpaid and accrued interest thereon, is
payable in full at the Maturity Date. Scheduled principal payments
of $250,000 are payable to the Lender
on the last business day of each fiscal quarter. The Restated Loan
Agreement provides the Lender with equity participation rights and
a right of first offer with respect to the financing of future real
estate development projects. The other terms of the original loan
agreement remain unchanged.
About Kadestone
Kadestone was established to pursue the investment in,
acquisition, development and management of residential and
commercial income producing properties, and procurement and sale of
building materials within major urban centres and high-growth,
emerging markets in Canada. The
Company operates five complimentary business lines spanning
building materials procurement and supply, property development and
construction, construction finance, asset ownership and property
management. These synergistic business lines have solidified
Kadestone's vision to become a market leading vertically integrated
property company. Additional information can be found at
www.kadestone.com.
ON BEHALF OF THE BOARD
(signed) "Brent
Billey"
President, CEO and Director
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.
Cautionary Statement Regarding Forward
Looking-Statements
Certain information in this news release, including, but not
limited to, statements regarding the Company's vision to become a
leading vertically integrated company, may constitute forward
looking information (collectively, forward-looking statements),
which can be identified by the use of terms such as "may," "will,"
"should," "expect," "anticipate," "project," "estimate," "intend,"
"continue" or "believe" (or the negatives) or other similar
variations. Because of various risks and uncertainties, including
those referenced below, actual events or results may differ
materially from those reflected or contemplated in such
forward-looking statements. As a result, you should not rely on
such forward-looking statements. Additional information identifying
assumptions, risks and uncertainties relating to Kadestone is
contained in Kadestone's filings with the Canadian securities
regulators available at www.sedarplus.ca. These risks include those
described in the "Risk Factors" section of the Company's final
prospectus dated September 2, 2020
and in the Management's Discussion and Analysis for the year ended
December 31, 2022 and 2021. The
forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement. The Company undertakes no
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
SOURCE Kadestone Capital Corp.