Not for distribution to United States Newswire Services or for dissemination in the United States
VICTORIA, BC / ACCESS Newswire / May 13, 2026 / BEACN Wizardry & Magic Inc. (TSX-V:BECN) ("BEACN" or the "Company") announces the creation of a shipment-triggered loan program (the "Loan Program") and the closing of the first series under the Loan Program for an aggregate amount of $338,000 with Athlone Ltd. and Huang Quian 2008 Revocable Trust (together, the "Lenders").
The Loan Program is governed by a master loan agreement (the "MLA") and is intended to provide BEACN with non-dilutive financing to enhance the production and shipment of finished goods inventory. Advances under the Loan Program may be made from time to time in one or more series, with each series structured as a separate borrowing under the MLA.
Amounts advanced under each series bear a fixed premium of 10% of funds advanced and are repayable from product sales over the applicable repayment period. Each series has a contractual maturity of up to twelve (12) months following the final shipment date of the applicable inventory. The Company may repay amounts outstanding under a series prior to maturity without penalty or premium. The Loan Program does not obligate the Company to draw a minimum amount, nor are there any standby fees.
Obligations under each series are secured by a general security agreement over most of the Company's assets.
Related Party Disclosure
Both Lenders are considered related parties of the Company. As a result, the entering into of the MLA with the Lenders constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Notwithstanding the foregoing, the directors of the Company have determined that the Lenders participation in the Loan Program is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report 21 days prior to the signing of the MLA as the details of the participation of the Lenders had not been confirmed at that time, and the Company wished to close on an expedited basis for sound business reasons.
About BEACN
BEACN (TSX-V:BECN), a Victoria BC based consumer electronics company, develops innovative audio equipment, peripherals and technology for gamers, live streamers, and content creators. BEACN is committed to delivering premium products that enable everyone to produce studio-quality content. BEACN's award-winning product ecosystem includes BEACN Mic, BEACN Studio, BEACN Mix and BEACN Mix Create. BEACN is listed on the TSXV under the symbol BECN.
Media & Investor Enquiries
Liberty Brunet
ir@beacn.com
+1 (778) 561-1450
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to future advances under the Loan Program.
Such forward-looking statements are based on a number of assumptions of management, including, without limitation: Company's ability to maintain manufacturing volume for its products and its ability to sustain sales of products to customers and general economic and market conditions will not change in an adverse manner.
Additionally, forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking statements contained in this press release represent management's best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Neither the Company nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this press release. Neither the Company nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this press release by you or any of your representatives or for omissions from the information in this press release. We seek safe harbor.
Reader Advisory
Neither the TSX Venture Exchange nor its Regulation Services 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: BEACN Wizardry & Magic Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/electronics-and-engineering/beacn-announces-creation-of-loan-program-1166634
