Britannia Announces Partial Repayment and Extension of Sellers’ Note Agreement
Toronto, Ontario–(Newsfile Corp. – January 5, 2022) – Britannia Life Sciences Inc. (CSE: BLAB) (“Britannia”) is pleased to announce that it has entered into an agreement with the vendors of Advanced Development and Safety Laboratories (“ADSL”), a 60%-owned operating subsidiary of Britannia (each a “Noteholder”, collectively the “Noteholders”), to extend the maturity date of the sellers’ note agreement between Britannia Bud Canada Holdings Inc., a wholly-owned subsidiary of Britannia, and the Noteholders (the “Sellers’ Note”) to February 28, 2022, to facilitate the credit approval process related to a new debt facility.
On December 23, 2021, Britannia repaid £1,551,032.57 in principal amount owing under the Sellers’ Note, plus accrued interest, to the Noteholders.
Britannia is currently in the due diligence phase with new lenders with respect to a debt facility which is expected to provide a minimum of £5 million to fund the repayment of the Sellers’ Note and acquire a minimum of an additional 10% interest in ADSL. Britannia expects the credit process to be completed in 6 to 8 weeks. In order to allow time for Britannia to complete the credit process, the Noteholders have agreed to extend the maturity date of the Sellers’ Note to February 28, 2022.
As consideration for facilitating the extension of the Seller’s Note, Britannia issued 3,000,000 common shares of Britannia (“BLAB Shares”) to Mark Bowes-Cavanagh.