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MarketScreener Homepage  >  Equities  >  Nasdaq  >  CounterPath, Corp.    CPAH

COUNTERPATH, CORP. (CPAH)
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COUNTERPATH CORP : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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10/12/2018 | 06:54pm CEST

Item 1.01 Entry into a Material Definitive Agreement


On October 10, 2018, our company entered into a loan agreement (the "Loan
Agreement") with Wesley Clover International Corporation and KMB Trac Two
Holdings Ltd. (collectively, the "Lenders"), pursuant to which the Lenders will
loan to our company an aggregate principal amount of up to US$3,000,000. Wesley
Clover International Corporation owns approximately 25.4% of our common shares
and is controlled by the Chairman of our company, Terence Matthews and KMB Trac
Two Holdings Ltd. owns approximately 17.6% of our common shares and is
represented by Steven Bruk, a director of our company.
Pursuant to the terms of the Loan Agreement, the loan is unsecured and will be
made available in multiple advances at the discretion of our company and will
bear interest at a rate of 8% per year, payable monthly. The outstanding
principal and any accrued interest may be prepaid without penalty and is to be
fully repaid on the second anniversary of the first advance. The loan is
intended to be used for general working capital purposes.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this current report on Form 8-K is
responsive to this item.
Item 8.01 Other Events

A copy of our press release dated October 11, 2018 is furnished herewith.



Item 9.01  Financial Statements and Exhibits.
d. Exhibits

Exhibit Number Description

     10.1        Loan Agreement between Wesley Clover International Corporation,
               KMB Trac Two Holdings Ltd. and CounterPath Corporation dated
               October 10, 2018
     99.1        News release dated October 11, 2018




                                       2

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© Edgar Online, source Glimpses

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