Toronto, Ontario–(Newsfile Corp. – May 30, 2017) – Gunpowder Capital Corp., (CSE: GPC), (CSE: GPC.PR.A), (FSE: YS6N), (“Gunpowder” or the “Corporation”) announced today that it has agreed to loan One Hundred and Four Thousand Dollars (“$104,000.00”) CDN to 2230164 Ontario Inc., an auto recycling business, (“the Borrower”) via a Secured Promissory Note (“the Note”). The proceeds of the Note will be used for working capital and to purchase automotive inventory. The first Fifty Thousand Dollars (“$50,000.00”) CDN of the Note is payable immediately to the Borrower with the second $50,000.00 payable within 30 to 40 days after the receipt of the first tranche.
The Note bears interest, at a rate of eighteen percent (18%) per annum, accrued daily, based on the actual number of days elapsed in a year of 365 or 366 days, as applicable, and calculated and payable on the due date. The first six months are interest only following which the Note will be repaid in 36 equal monthly installments. The payment obligations of the Borrower under this Note shall be secured first by a first charge and security interest in all of the present and after-acquired property owned by the Borrower and assets of the Borrower pursuant to a general security agreement.
In addition, the Corporation continues to work with Franchise Holdings International, Inc., (“FNHI”) on their Canadian listing. FNHI is currently working on preparing their 2016 audited financial statements. As further compensation for our work, FNHI has entered into a consulting agreement with Gunpowder for Fifty Thousand Dollars (“$50,000.00”) USD that will be paid in stock of FNHI.
The Corporation is also no longer actively working with Dreamfield on their Go Public initiative as previously disclosed.
For further information please contact:
Mr. Frank Kordy
CEO & Director
Gunpowder Capital Corp.
T: (647) 466-4037
Mr. Paul Haber
Gunpowder Capital Corp.
T: (416) 363-3833
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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