{"id":266906,"date":"2020-07-05T18:42:40","date_gmt":"2020-07-05T22:42:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=266906"},"modified":"2021-09-20T03:07:30","modified_gmt":"2021-09-20T07:07:30","slug":"boardwalktech-sqn-venture-income-fund-amend-loan-facility-for-time-extensions","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/boardwalktech-sqn-venture-income-fund-amend-loan-facility-for-time-extensions","title":{"rendered":"Boardwalktech, SQN Venture Income Fund Amend Loan Facility for Time Extensions"},"content":{"rendered":"<p>Boardwalktech Software Corp., a &#8220;leading digital ledger platform&#8221; and enterprise software solutions company, is partnering with SQN Venture Income Fund to &#8220;amend and extend the loan facility currently in place with Boardwalktech Software Corp,&#8221; <a href=\"https:\/\/www.prnewswire.com\/news-releases\/boardwalktech-completes-amendmentextension-to-loan-facility-301088110.html\">according to a press release<\/a>.<\/p>\n<p>This loan was put in place on June 30 of this year.<\/p>\n<p>This amendment includes the following changes:<\/p>\n<ul>\n<li>Extension of the interest-only period through\u00a0<span class=\"xn-chron\">August 31, 2020<\/span>;<\/li>\n<li>Extension of the maturity date of the loan to\u00a0<span class=\"xn-chron\">August 1, 2022<\/span>; and,<\/li>\n<li>Agreement that the Company will use best efforts to prepay another\u00a0<span class=\"xn-money\">$250,000<\/span>\u00a0(USD) of principal before\u00a0<span class=\"xn-chron\">September 2020<\/span>, dependent on market conditions and forecasted cash levels through the end of the fiscal year, for which SQN has agreed to waive any prepay fees associated with such early payments.<\/li>\n<\/ul>\n<p>Speaking on the matter is Andrew T. Duncan, the CEO of Boardwalktech, who had said:<\/p>\n<blockquote><p>&#8220;Since the last amendment\u00a0<span class=\"xn-chron\">June 2019<\/span>, the Company has reduced the principal on its SQN loan by\u00a0<span class=\"xn-money\">$1.5 Million<\/span>\u00a0(USD), through a combination of previously announced debt-to-equity conversions (on\u00a0<span class=\"xn-chron\">February 28,2020<\/span>) along with other prepayments. These efforts reflect Boardwalktech&#8217;s proactive, voluntary efforts to reduce its debt levels and retire such debt before maturity, in order to improve its balance sheet.&#8221;<\/p><\/blockquote>\n<p>All terms are subject to the approval of the TSX Venture Exchange, the release notes.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Boardwalktech Software Corp., a &#8220;leading digital ledger platform&#8221; and enterprise software solutions company, is partnering with SQN Venture Income Fund to &#8220;amend and extend the <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/boardwalktech-sqn-venture-income-fund-amend-loan-facility-for-time-extensions\" title=\"Boardwalktech, SQN Venture Income Fund Amend Loan Facility for Time Extensions\">[&#8230;]<\/a><\/div>","protected":false},"author":1722,"featured_media":168618,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[11019],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - 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