CANNABIS CONSORTIUM SECURES LOAN FOR $1
MILLION
-
The loan is non-convertible
-
The loan term is 1 year
-
The funds will be used to pay down existing
debt
Coconut Creek, FL
-- June 22,
2018 --
InvestorsHub NewsWire -- Bahamas Development
Corporation (OTCPINK:
BDCI) subsidiary company Global Consortium, Inc.
f/k/a Cannabis
Consortium has secured a non-convertible
loan for $1 million dollars from the same party that invested $1
million dollars in the previously announced private
placement.
The loan is
non-convertible, and will not cause any
dilution for Global Consortium, Inc. The Note has a term of 1 year
and carries an interest rate of 6%. Funding of the loan will be
completed on or before July 3, 2018, and funds will be
disbursed to the
parties on the same day.
Global Consortium will
use the funds
to pay
down the note for $1.5 million owed on
the Indulge Oils transaction. An agreement has been entered into
with the Company's President Tom Roland, to extend a portion of
the
final
payment
of
$500,000 until
the end of July 2018. A short-term
note for
30 days will be entered into between Global Consortium Inc.
and Mr.
Roland.
After the July
4th
break, Global will report on its
revenue figures for the period ending June 30, 2018.
Bahamas Development
Corporation, in compliance with SEC regulations, may in the future
use social media outlets like Facebook
or Twitter and its own website to announce key information in
compliance with Reg FD.
Forward-Looking
Statements
This news release contains
"forward-looking statements" as that term is defined in Section
27(a) of the United States Securities Act of 1933, as amended and
Section 21(e) of the Securities Exchange Act of 1934, as amended.
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Such forward-looking statements include, among other
things, estimates of services and
equipment markets, release of corporate apps, growth of platform,
target markets, product releases, product demand and, business
strategy. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, the inherent
uncertainties associated with new projects and development stage
companies. These forward-looking statements are made as of the date
of this news release, and we assume no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements. Although we believe that any beliefs, plans,
expectations and intentions contained in this press release are
reasonable, there can be no assurance that any such beliefs, plans,
expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should
also consider that any investment in securities is at
risk.
Details of the
Company's business, finances, appointments and agreements can be
found as part of the Company's continuous public disclosure
on otcmarkets.com.
For additional information
about this release please contact:
Investor
Relations:
Matt Dwyer
matt@cannabisconsortium.net
www.cannabisconsortium.net
954-906-0098