Think Research Corporation announced that it has obtained a new $1.5 million non-convertible loan from Beedie Investments Ltd., pursuant to its existing credit agreement with Beedie Capital dated as of April 22, 2022. Think intends to use the proceeds of the Loan for general and working capital purposes. The Loan is a separate facility from the $25 million convertible facility with Beedie Capital that was previously announced on April 25, 2022.

Although the Company has partially drawn upon the convertible facility, the company chose to obtain this Loan to avoid dilution that may otherwise occur by drawing down the convertible facility. The Loan is provided pursuant to the Credit Agreement and a third amendment agreement thereto which sets out the terms and conditions of such Loan as follows: The outstanding principal amount of the Loan shall bear interest at a rate of 14% per annum calculated and payable as follows: (i) interest at a rate of 7.0% per annum shall be calculated daily and compounded monthly in arrears on the last day of each month and shall accrue and be payable (including compound interest) on a quarterly basis, and (ii) interest at a rate of 7.0% per annum shall be calculated daily and compounded monthly in arrears on the last day of each month and shall be added to the outstanding principal amount of the Loan at the end of each month. A commitment fee shall also be payable by Think to Beedie Capital which fee shall be added to the principal amount of the Loan.

The Loan (including, for greater certainty, the Commitment Fee) together with all outstanding and unpaid interest thereon shall be due and payable on September 20, 2024. Think may make a voluntary prepayment in whole of the Loan at any time upon prior notice by paying to Beedie Capital the outstanding principal amount of the Loan (including, for greater certainty, the Commitment Fee), together with any unpaid interest and, if the prepayment occurs on or prior to the date that is three months following the date of advance of the Loan, a make-whole fee.