- Sixth Wave Innovations (SIXW) has signed a secured promissory note agreement with Orca Holdings
- The promissory note agreement is in the aggregate principal amount of up to US$612,500
- The note will be secured against the assets of the company in line with a general security agreement
- Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs)
- Sixth Wave Innovations Inc. was unchanged at C$0.04 at 11:15 ET
Sixth Wave Innovations (SIXW) has signed a secured promissory note agreement with Orca Holdings.
The promissory note agreement is in the aggregate principal amount of up to US$612,500.
The note bears annual interest at 10 per annum and matures on October 25, 2023.
The note will be secured against the assets of the company in line with a general security agreement.
The company is indebted to Orca in the aggregate amount of US$475,000 and US$12,500 of unpaid related transaction fees.
The existing debt will be consolidated under the note agreement, and Ocra will make an additional $125,000 available to the company.
As partial consideration for entering into the note agreement, a total of 1,050,000 options, exercisable into common shares of the company at C$0.09 per share, were issued to Orca with respect to the existing debt.
As partial consideration for the note, any options that remain unvested will vest immediately upon the issuance of the note.
As additional consideration for the issuance of the note, the company will issue 788,000 shares to Orca, calculated as 5 per cent of the value of the total principal amount advanced concerning the note, converted to Canadian dollars and then converted into consideration shares at a deemed price of C$0.05 per consideration share.
Sixth Wave is a nanotechnology company with patented technologies that focus on the extraction and detection of target substances at the molecular level using highly specialized Molecularly Imprinted Polymers (MIPs).
Sixth Wave Innovations Inc. was unchanged at C$0.04 at 11:15 ET.