Hydro66 Announces Additional Advance Under Convertible Loan
Toronto, Ontario--(Newsfile Corp. - April 4, 2019) - Hydro66 Holdings Corp. (CSE: SIX) (the "Company" or "Hydro66") announces that today it has requested and received additional advances of USD$525,000 and CDN$150,000 pursuant to a secured convertible loan agreement with certain shareholders and directors of the Company dated December 19, 2018 (the "Loan Agreement").
In connection with the initial advances made pursuant to the Loan Agreement the Company issued secured convertible promissory notes in favour of each lender (the "Notes"). The maturity date of the principal amount, interest and any fees under the Notes is seven years from the date of the initial advances and the rate of interest is 10% per annum. The interest for the initial two (2) years under the Notes shall not be payable until such time as the principal is repaid in full. For further details on the terms of the Notes please see the Company's news release dated December 19, 2018.
The Company will use the proceeds from the advances for ongoing sales and marketing investment of the current colocation and hosting capacity.
Hydro66 owns and operates a colocation data center in Sweden specializing in Enterprise and HPC hosting. The Company hosts third party IT infrastructure, utilizing 100% green power, at some of the EU's lowest power prices and within an ISO27001 accredited facility. The Company provides 100% green power at a leading price, purpose-built space and cooling, telecoms, IT support services and 24/7 physical security in their facility in Boden, Sweden.
For more information please visit: www.hydro66.com
FOR MORE INFORMATION, PLEASE CONTACT:
Chief Commercial Officer of Hydro66 UK Limited
Tel: (+44) 7789 915 147
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This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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