Brownstone Ventures Inc. - 2010-10-08


Obtained $3 million in financing in the form of a secured loan. The loan, provided by 2256629 Ontario Ltd., an arm's length private company, is for a one-year term and bears interest at a rate of 12% p.a., payable monthly. Brownstone paid a cash bonus of $300,000 and a facility fee of $30,000 to the lender. Proceeds from the loan will be used for working capital purposes.

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