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VANCOUVER, British Columbia, Jul 26, 2021 / CNW / – Kadestone Capital Corp. (“Kadestone” or “Company”) (TSXV: KDSX) (OTCQB: KDCCF), a vertically integrated real estate company, is pleased to announce that it has issued a network promissory note (“Note”) to Yigeda Enterprises Inc. (the “Lender” ) confirming a bridging loan from the Lender to the Company (the “Loan”) for a total principal amount of USD 8,100,000 (“Principal Amount”). Note executed Jul 25, 2021 and operates with Jul 7, 2021…
The loan was financed by two advances. First advance payment in the amount USD 1,300,000, was received by the Company June 25, 2021… Second advance in the amount USD 6,800,000, was received by the Company Jul 7, 2021… The loan was used by the Company to close the transaction for the acquisition of real estate in Chilliwack and Squamish, British Columbia…
The principal amount, together with accrued and unpaid interest and commissions thereon and all other money payable by the Company in accordance with the Bond and any other document entered into by the Company in connection with the Bond, is due and payable by the Company in July 6, 2024 (The “Maturity Date”) subject to the Company’s right to early redemption, in whole or in part, of the Principal Amount due and unpaid under the Bond, without the Lender’s prior written consent and without penalties.
The loan bears interest at a rate of 10%, is charged annually and is paid to Kadestone on the Maturity Date.
Kadestone was founded to invest, develop, acquire and manage residential and commercial properties in major urban centers and the fast-growing emerging markets of Canada. The company operates five additional business lines covering procurement and supply of building materials, development and construction, construction finance, asset ownership and property management. These synergistic business lines reinforced Kadestone’s commitment to becoming the market leading vertically integrated real estate company. More information can be found on the website www.kadestone.com…
ON BEHALF OF THE BOARD
(signed) “Brent Billy”
President, CEO and Director
Neither TSX Venture Exchange nor its Regulatory Service Provider (as the term is defined in the TSX Venture Exchange policy) is responsible for the adequacy or accuracy of this release.
Warning About Forward-Looking Statements
Certain information in this press release, including, but not limited to, statements regarding the company’s aspiration to become a leading vertically integrated real estate company, may be forward-looking information (collectively, forward-looking statements) that can be identified using terms such as “may,” “will,” “should,” “expect,” “expect,” “forecast,” “estimate,” Intend, continue, or believe (or deny), or other similar options. Due to various risks and uncertainties, including those mentioned below, actual events or results could differ materially from those reflected or implied in such forward-looking statements. As a result, you should not rely on such forward-looking statements. Additional information identifying the assumptions, risks and uncertainties associated with Kadestone is contained in Kadestone’s filing with the Canadian Securities Regulatory Authority, available at www.sedar.com… These risks include those described in the Risk Factors section of the Company’s final prospectus from September 2, 2020 and in the Management Discussion and Analysis for the Years Ended December 31, 2019 and 2020… The forward-looking statements in this press release apply only as of the date of this release or the date specified in the related forward-looking statement.
SOURCE Kadestone Capital Corp.
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