TORONTO, Jan. 20, 2023 (GLOBE NEWSWIRE) — Dynamic Technologies Group Inc. (TSXV: DTG, OTC:ERILF) (“Dynamic”, “Company”, “we” and “our”) announces that it has obtained an unsecured bridge loan of USD $1,000,000 (the “Bridge Loan”) from Excellence Raise Overseas Limited (“EROL”) with an interest rate of 8% per annum. The Bridge Loan and accrued interest are repayable upon the closing of an anticipated financing transaction with a strategic investor previously disclosed in the Company’s December 30, 2022 and January 16, 2023 news releases (the “Financing”).
EROL is a related party to Dynamic, as EROL is controlled by James Chui who is a director of Dynamic and as such the Bridge Loan is a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101. The Company is relying upon an exemption from the formal valuation and minority approval provisions of Multilateral Instrument 61-101 pursuant to sections 5.5(g) and 5.7(f).
The Bridge Loan was obtained on reasonable commercial terms that are not less advantageous to the Company than if the Bridge Loan were obtained from a person dealing at arm’s length with the Company. The Bridge Loan and interest are not convertible, or repayable, in equity or voting securities of the Company or any of its subsidiaries.
The Company is not in a position to file a material change report at least 21 days before the advance of the Bridge Loan and the Company considers the shorter period to be reasonable and necessary in the circumstances to permit the Company to have access to the funds as soon as possible as a result of delays with the closing of the anticipated Financing.
About Dynamic Technologies Group Inc.
Dynamic is a world leader in the design engineering, production, and commissioning of iconic, media-based attractions and ride systems for the global theme park industry and popular tourist destinations. Dynamic leverages its world class, media-based attraction products and attraction development capability on a co-venture ownership basis. The Company also applies its engineering integration and problem-solving skills on special projects in diversified industries such as alternative energy and large optical telescopes and enclosures.
Dynamic’s common shares are listed on the TSX Venture Exchange under the symbol DTG. For more information about the Company, visit www.dynamictechgroup.com or contact:
|Guy Nelson||Allan Francis|
|Executive Chair & CEO||Vice President – Corporate Affairs and Administration|
|Phone: (416) 366-7977||Phone: (204) 589-9301|
|Email: [email protected]||Email: [email protected]|
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Dynamic’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, “booked”, ‘‘scheduled’’, “positions”, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’, “believes” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, “may be”, ‘‘could’’, “should”, ‘‘would’’, ‘‘might’’ or ‘‘will’’, ‘‘occur’’ or ‘‘be achieved’’. Such statements include statements with respect to the expectation that the Company will complete a financing transaction with a strategic investor, including receipt of all regulatory approvals. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Dynamic believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Actual results could differ materially from those anticipated in these forward-looking statements as a result of prevailing economic conditions, and other factors, many of which are beyond the control of the Company. The forward-looking statements contained in this news release represent Dynamic’s expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.