AISIX Solutions Inc. Extends Short Term Loan Agreement
Details of the Loan and the Extension
The Loan has first priority over all assets of the Company. The maturity date of the Loan was originally July 24, 2025, and pursuant to the Amending Agreement, the Loan has been extended for an additional six (6) months (the " Term "). The Loan will continue to bear an interest rate of 10% per annum payable at the end of the Term.
In consideration for the extension of the Loan, the Company has agreed to pay a cash extension fee of $21,500 to the Lender.
The Lender is considered a related party for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (" MI 61-101 "), as Mihalis Belantis, a director and Chief Executive Officer of the Company is the principal of the Lender. The Loan constitutes a "related party transaction" within the meaning of MI 61-101. The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a), respectively, on the basis that at the time the transaction was agreed to the value of the extension of the Loan does not exceed 25 per cent of the Company's market capitalization. The board of directors of the Company has, subject to the appropriate recusal of the interested director, unanimously approved the transaction hereunder and no material contrary view or abstention was expressed or made by any director in relation to the extension of the Loan. The Company did not file this material change report more than 21 days before the expected closing date of the extension of the Loan as the details of the extension of the Loan were not settled until shortly prior to the execution of the Amending Agreement, and the Company wished to complete the Loan on an expedited basis for business reasons.
Mr. Mihalis owns, or has control or direction over 20,903,000 Common Shares, 2,000,000 options to purchase Common Shares, and 11,758,571 Common Share purchase warrants representing approximately 20.6% of issued and outstanding Common Shares on a partially diluted basis. This disclosure is being included pursuant National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under the Company's profile on SEDAR+ containing additional information respecting the foregoing matters.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About AISIX Solutions Inc.
AISIX Solutions Inc., is a wildfire risk and data-analytics solutions provider trusted by organizations seeking a more predictive future. Leveraging the advancements of data analytics and risk assessment, AISIX Solutions Inc. is on a mission to provide auditable, explainable, and defensible assessments to help businesses and communities protect their property, assets, and infrastructure from wildfire-related risks. By empowering organizations with wildfire risk insights, AISIX Solutions Inc. aims to foster resilience and sustainability in the face of climate change. For further information:

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