Novra Announces First Funds Received Under SNAPS Convertible Loan Agreement
As disclosed in previous statements, under the agreement SNAPS, which is an arm's-length party, will provide US $9 million (CA $12.3 million) for a term of two years with interest at 1% per annum. The agreed closing date for the loan was previously extended to be before July 31, 2025. This loan can be converted into Novra common shares by either SNAPS or Novra at any time during the term at CA $0.34 per share. The conversion to shares would require TSXV and shareholder approval.
Although SNAPS has demonstrated its strong commitment to the Convertible Loan Agreement by providing this first tranche of funds, the company cautions investors to refrain from placing undue reliance on forward-looking statements regarding this transaction. Novra can provide no assurance that the Convertible Loan Agreement will be completed in its entirety as proposed.
Novra's Directors and Officers, as insiders, are currently subject to a trading blackout and this will continue for an additional one-week period after an update announcing an end to the blackout, or an announcement that the Loan has closed, is released.
About Novra Technologies Inc.:
Novra (TSXV: NVI) (OTCQB: NVRVF) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra Technologies Inc, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications, including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.
For more information visit: www.novragroup.com
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, concerning but not limited to: pending closing of this transaction, required TSX Venture Exchange approval of this transaction, Shareholder approval of this transaction, and anticipated developments in our operations in future periods. Forward-looking statements are generally identifiable by words such as "expect", "anticipate", "believe", "intend", "estimate", "predict", "outlook", "opportunity", "momentum", "potential", "proposed", "targeted", "plans" "possible", "positive indication for", "looking forward to", "commitment to", "is starting to", and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. As such, forward-looking statements are not historical facts but reflect our current assumptions and expectations regarding future events. These are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and assumptions. Some of these risks and uncertainties are described under the "Risks and Uncertainties" section of Novra's MD&A.
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