VANCOUVER, BC / ACCESSWIRE / December 31, 2020 / ZoomAway Travel Inc. (TSXV:ZMA)(OTCQB:ZMWYF) (the "Company" or "ZMA") www.zoomaway.com, is pleased to announce that it has closed its previously announced secured loan facility for the principal amount of US$5 million (the "Facility") with AIP Convertible Private Debt Fund LP ("AIP"). The Facility has a term of 24 months, bears interest at the rate of 5% per annum and is secured by a general security agreement on all of the present and future assets of the Company.
Upon closing of the Facility, the Company paid to AIP (i) a due diligence fee of US$100,000; (ii) a facility fee of US$100,000; and (iii) a closing payment of US$1,800,000. The Company intends to use the proceeds of the Facility for general working capital purposes and to pursue future acquisitions.
The Company also announces that its 2016 Incentive Share Plan, created at the time of the Company's transaction with Multi-Vision Communications Corp., will not be extended and will expire effective December 31, 2020.
Of the 16,000,000 common shares underlying the plan, 11,000,000 "entitlements" to such shares have vested and common shares will be issued to the current or former directors, officers, employees or consultants that hold such vested incentive share grants. The non-cash costs associated with these grants will be reflected in the Company's fourth quarter (and therefore 2020 annual) financial statements.
These common shares are being issued subject to a statutory hold period expiring on the date that is four months and one day after the effective distribution date of December 31, 2020. None of these common shares will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
States Sean Schaeffer, ZoomAway's CEO, "The closure of this facility affords us with a great opportunity. We anticipate having a great 2021 and are grateful to close 2020 on a positive note. Happy New Year to all of our shareholders."
For additional information contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 | firstname.lastname@example.org or stay up-to-date and sign up for our newsletter.
ZoomAway, Inc. (Nevada Co.) ZoomAway Travel Inc. is a technology company that is revolutionizing the Hospitality and Travel Industries. We have developed a variety of software solutions that enhance the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and re-imagination of mobile travel apps. In a full 3D environment, we are able to integrate planning, booking, social media, and camaraderie into a tangibly rewarding experience. We are combining Travel, Hospitality, Mobile Gaming and Augmented Reality to change the way users travel into 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: ZoomAway Travel Inc.
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