/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, July 26, 2021 /CNW/ - Kadestone Capital Corp.
("Kadestone" or the "Company") (TSXV: KDSX) (OTCQB: KDCCF), a
vertically integrated property company, is pleased to announce that
it has issued a grid promissory note (the "Note") to Yigeda
Enterprises Inc. (the "Lender") evidencing a bridge loan from the
Lender to the Company (the "Loan") in an aggregate principal amount
of $8,100,000 (the "Principal
Sum"). The Note was executed on July
25, 2021 and is effective as of July
7, 2021.
The Loan was funded by way of two advances. The first advance,
in the amount of $1,300,000, was
received by the Company on June 25,
2021. The second advance, in the amount of $6,800,000, was received by the Company on
July 7, 2021. The Loan was used by
the Company to close the acquisition of properties in Chilliwack and Squamish, British Columbia.
The Principal Sum, together with accrued and unpaid interest and
fees thereon and all other money payable by the Company under the
Note and any other document entered into by the Company in
connection with the Note, is due and payable by the Company on
July 6, 2024 (the "Maturity Date"),
subject to the Company's right to prepay, in whole or in part, the
Principal Sum owing and unpaid under the Note without the prior
written consent of the Lender and without penalty.
The Loan bears interest at a rate of 10%, compounded annually
and payable by Kadestone on the Maturity Date.
About Kadestone
Kadestone was established to pursue the investment in,
development, acquisition, and management of residential and
commercial income producing properties within major urban centres
and high-growth, emerging markets in Canada. The Company
operates five complimentary business lines spanning building
materials procurement and supply, property development and
construction, construction finance, asset ownership, and property
management. These synergistic business lines have solidified
Kadestone's vision to become a market leading vertically integrated
property company. Additional information can be found
at www.kadestone.com.
ON BEHALF OF THE BOARD
(signed) "Brent Billey"
President, CEO and Director
Neither 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.
Cautionary Statement Regarding Forward- Looking Statements
Certain information in this press release, including, but not
limited to, statements regarding the Company's vision to
become a leading vertically integrated property company, may
constitute forward looking information (collectively,
forward-looking statements), which can be identified by the use of
terms such as "may," "will," "should," "expect," "anticipate,"
"project," "estimate," "intend," "continue" or "believe" (or the
negatives) or other similar variations. Because of various risks
and uncertainties, including those referenced below, actual events
or results may differ materially from those reflected or
contemplated in such forward-looking statements. As a result, you
should not rely on such forward-looking statements. Additional
information identifying assumptions, risks and uncertainties
relating to Kadestone is contained in Kadestone's filings with the
Canadian securities regulators available at www.sedar.com. These
risks include those described in the "Risk Factors" section
of the Company's final prospectus dated September 2, 2020 and in the Management's
Discussion and Analysis for the years ended December 31, 2019 and 2020. The
forward-looking statements in this press release are applicable
only as of the date of this release or as of the date specified in
the relevant forward-looking statement.
SOURCE Kadestone Capital Corp.