Brownie’s Marine Group Inc (BWMG) has released an update.
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Brownies Marine Group, Inc. has issued a promissory note for $280,000 to its director Charles Hyatt, with a 9.9% annual interest rate, due for full repayment by August 7, 2024. This influx of capital will support the company’s general working capital needs. If default occurs, such as insolvency or missed payments, the full amount plus interest at an elevated rate of 18% becomes immediately payable, although the note can be settled early without any extra costs.
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