Memex Extends Loan Facility Arrangements with G&G Private Capital
BURLINGTON, ON / ACCESSWIRE / March 29, 2021 / Memex Inc. (“Memex” or the “Company”) (TSX-V:OEE), a leader in Industrial Internet of Things (IIoT) manufacturing productivity software, today announced that it has finalized loan facility extension arrangements with affiliates of G&G Private Capital (“G&G”) and Officers of Memex (collectively the “Lenders”), on the remaining $600 thousand (the “Loan”) balance (G&G – $560 thousand, Officers of Memex – $40 thousand) from the March 2019. Previously scheduled to mature on March 28, 2022, these arrangements extend the original maturity date by one year to March 28, 2023, with the other terms (announced March 28, 2019) remaining unchanged.
In connection with the extension of the maturity date to March 28, 2023, the Company agreed to pay to the Lenders a refinancing fee of 1.5% of the remaining balance, as well as issue them an aggregate of 1.8 million Common Shares (G&G – 1.68 million, Officers of Memex – 120 thousand) at a deemed price of $0.025 per share, and 750 thousand non-transferable share purchase warrants (the “Warrants”) (G&G – 700 thousand, Officers of Memex – 50 thousand) at a subscription price of $0.05 and expiring concurrently with the maturity date of the extended loan facility. As part of the new arrangements the 3.75 million warrants initially issued to the Lenders as part of the initial financing arrangement were cancelled.
As participants in these extension arrangements (as well as the original financing arrangement completed in March 2019) the Company’s CEO and CFO were collectively issued a total of 120 thousand Common Shares, at a deemed price of $0.025 per share for an aggregate value of $3 thousand in settlement of the refinancing arrangements. The issuance of the shares to the CEO and CFO of the Company is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (“MI 61-101“) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the Common Shares to be issued to such insiders does not exceed 25% of the Company’s pre-transaction market capitalization.
About Memex Inc.:
Established in 1992, Memex grew to be an industry leader in Industry Internet of Things (IIoT) through the development of MERLIN Tempus, an award-winning platform that delivers real-time, tangible increases in manufacturing productivity. Memex is on the leading edge of industry trends in computing power, machine connectivity, industry standards, advanced software technology, and manufacturing domain expertise.
Our persistent pursuit of innovative IIoT solutions led to a comprehensive understanding of the challenge’s manufacturers face. We made it our mission to, “successfully transform factories of today into factories of the future.” As the global leader in Machine to Machine (M2M) connectivity solutions, our hardware and software products create unparalleled visibility at all levels, from “Shop-Floor-to-Top-Floor.”
The MERLIN Tempus Suite provides effective quantification and management of Overall Equipment Effectiveness (OEE) by revealing hidden capacity using real-time objective data. Further, it offers sustainable benefits that enable world-class OEE such as reducing costs, incorporating strategies for continuous LEAN improvement, and boosting bottom-line financial performance. For more information, please visit: www.MemexOEE.com
For investor inquiries please contact:
|Ed Crymble, Chief Financial Officer
|David McPhail, President & CEO
Sean Peasgood, Investor Relations
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