MCI Onehealth Announces Related Party Loan
Summary
The Company may pay the Lender a commitment fee of up to $100,000 in respect of the Loan.MCI intends to use the proceeds of the Loan to fund its ongoing operations and for general and administrative expenses, subject to any specific use of proceeds agreed with the Lender in respect of each advance.The Loan bears interest at a rate of prime plus 9% per annum. Each of the Companys material subsidiaries has provided a guarantee in favour of the Lender with respect to amounts advanced under the Loan. Accordingly, the Loan constitutes a related party transaction under the Toronto Stock Exchange Company Manual (the Company Manual) and under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (MI 61-101). As part of the healthcare community for over 30 years, MCI operates one of Canadas leading primary care networks with nearly 260 physicians and specialists, serves more than one million patients annually and had nearly 300,000 telehealth visits last year, including online visits via mciconnect.ca. All forward-looking statements made in this press release are made as of the date hereof and MCI does not undertake any obligation to update such forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.