Hydro66 Announces Additional Advance Under Convertible Loan
Toronto, Ontario--(Newsfile Corp. - June 2, 2020) - Hydro66 Holdings Corp. (CSE: SIX) (the "Company" or "Hydro66") announces that today it has requested and received additional advances of USD$172,000 and CDN$128,000 pursuant to a secured convertible loan agreement with certain shareholders and directors of the Company dated March 31, 2020 (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 (7) 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 March 31, 2020.
The Company will use the proceeds from the advances for working capital purposes.
Hydro66 owns and operates an award-winning colocation data centre in Sweden specializing in High Performance Computing ("HPC") hosting. The Company hosts third party IT infrastructure, utilizing 100% green power, at amongst the EU's lowest power prices and within an ISO27001 accredited facility.
Hydro66 is uniquely positioned to capitalize on opportunities in blockchain infrastructure as well as the traditional Enterprise colocation data centre market. The Company provides truly 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
(+44) 7789 915 147
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Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "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. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company's annual and quarterly management's discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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