TAAL Distributed Information Technologies Inc. (CSE: TAAL) (FWB: 9SQ1) (OTC: TAALF) (“TAAL” or the “Company”) a blockchain infrastructure and service provider, is pleased to announce that it has entered into a loan agreement (the “Note”) with Wright International Investments Ltd., an entity wholly-owned by Craig Wright, advisor to the Company (the “Lender”) providing for debt financing in an aggregate principal amount of US$7,000,000.
The Lender has made an initial advance under the Note in an amount equal to US$3,500,000 in the form of Bitcoin SV (“BSV”) and the Note provides that the Lender will make a further advance of US$3,500,000 (or the equivalent thereof in BSV or Bitcoin core) on January 29, 2021. The Note is unsecured, funds advanced under the Note bear interest of 8% annually and the Note is repayable 30 days following a demand for repayment on or after January 29, 2023. TAAL may repay the Lender at any time without penalty.
About TAAL Distributed Information Technologies Inc.
TAAL Distributed Information Technologies Inc. delivers value-added blockchain services, providing professional-grade, highly scalable blockchain infrastructure and transactional platforms to support businesses building solutions and applications upon the Bitcoin SV platform, and developing, operating, and managing distributed computing systems for enterprise users. The Company is led by an experienced management team, Board and Advisory Board members that include entrepreneur and BitcoinSV advocate Calvin Ayre, and renowned computer scientist and visionary Craig Wright.