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Amending Terms of Financing
HALIFAX, NOVA SCOTIA--(Marketwired - Oct. 7, 2016) - GrowthWorks Atlantic Venture Fund Ltd. ("Atlantic Fund") provided an update today regarding the aggregate investment in the amount of $1.5 million (the "Investment") provided by three Canadian financial companies (collectively, the "Investors"), as previously announced on October 1, 2015. The Investors have agreed to amend certain Investment repayment terms to provide Atlantic Fund with additional financial flexibility while it focuses on maximizing the value of the venture portfolio and returns to shareholders. Under the amended terms, the Investors will receive a reduced percentage of the net proceeds generated from the sale of Atlantic Fund venture portfolio assets until certain net proceeds thresholds are achieved, after which, the percentage of net proceeds received by the Investors will revert to the original terms of the Investment agreement and continue until such time as the Investment and required return to the Investors is paid within the 36 month term of the Investment. In accordance with the terms of the Investment, the Investors can secure their Investment when the Atlantic Fund's net asset value, NAV, is less than ten times the aggregate amounts owed to the Investors. This condition has been satisfied and the Investment is now secured. Currently, the Atlantic Fund's NAV is $13.0 million and provides over 9 times coverage of the amount owed to the Investors.
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