ZoomAway Closes US $ 5 Million Secured Loan and Announces End of Incentive Program

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VANCOUVER, BC / ACCESSWIRE / December 31, 2020 / ZoomAway Travel Inc. (TSXV: ZMA) (OTCQB: ZMWYF) (the “Society” Where “ZMA“) www.zoomaway.com, is pleased to announce that it has closed its previously announced secured loan facility for a principal amount of $ 5 million (the”Establishment“) with AIP Convertible Private Debt Fund LP (“AIPThe Facility has a term of 24 months, bears interest at the rate of 5% per year and is guaranteed by a general security agreement on all the present and future assets of the Company.

On closing of the Facility, the Company paid AIP (i) due diligence fees of US $ 100,000; (ii) a start-up fee of USD 100,000; and (iii) a closing payment of USD 1,800,000. The Company intends to use the plant’s proceeds for general working capital purposes and to pursue future acquisitions.

The Company also announces that its 2016 incentive action plan, created at the time of the Company’s transaction with Multi-Vision Communications Corp., will not be extended and will expire on December 31, 2020.

Of the 16,000,000 common shares underlying the plan, 11,000,000 “rights” to these shares have been vested and common shares will be issued to current or former directors, officers, employees or consultants who hold these grants of. incentive shares acquired. The non-monetary costs associated with these grants will be reflected in the Company’s fourth quarter (and therefore 2020) financial statements.

These ordinary shares are issued subject to a statutory holding period expiring on the date that falls four months and one day after the effective distribution date of December 31, 2020. None of these ordinary shares will be registered in the United States. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

According to Sean Schaeffer, CEO of ZoomAway, “The closure of this facility offers us a great opportunity. We anticipate a great year 2021 and are grateful to end 2020 on a positive note. Happy New Year to all of our shareholders. “

For more information, contact: Sean Schaeffer, President, ZoomAway Inc., at 775-691-8860 | [email protected] or stay up to date and sign up for our newsletter.

About Us
ZoomAway, Inc. (Nevada Co.) ZoomAway Travel Inc. is a technology company that is revolutionizing the hospitality and travel industries. We have developed a variety of software solutions that improve the planning and engagement of everyday tourists. Our flagship project, ZoomedOUT, is a complete modernization and reimagining of mobile travel apps. In a fully 3D environment, we are able to integrate planning, booking, social media and camaraderie into a tangibly enriching experience. We’re combining travel, hospitality, mobile gaming and augmented reality to change the way people travel in 2020 and beyond. Additional information about ZoomAway Inc. can be found at www.zoomaway.com.

Forward-looking statements
This press release includes certain statements which may be considered “forward-looking statements”. All statements in this press release, other than statements of historical fact, which deal with events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements which are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends to”. “,” Estimates “,” projects “,” potential “and similar expressions, or that events or conditions” will “,” would “,” could “,” could “or” should “occur. Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those of forward-looking statements. Factors that could cause actual results to differ materially from those of forward-looking statements include regulatory actions, market prices and the continued availability of capital and financing, as well as general economic, market or Business. Investors are cautioned that these statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the management of the Company as of the date the statements are made. Except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements in the event that the beliefs, estimates or opinions of management, or other factors, should change.

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.

THE SOURCE: ZoomAway Travel Inc.

See the source version on accesswire.com:
https://www.accesswire.com/622858/ZoomAway-Closes-US5-Million-Secured-Loan-and-Announces-End-of-Incentive-Share-Program


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