EastCoal (TSE:CTH) has released an update.
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CoTec Holdings Corp. has entered into a convertible loan agreement with Kings Chapel International, which amends previous loans and introduces new funding of CAD$1.5 million to be delivered in three tranches. The agreement allows Kings Chapel to convert the loan into common shares under certain conditions, with interest set at an annual rate of 10% and repayment due by the end of 2027. This transaction is a related party deal but is exempt from formal valuation and minority shareholder approval requirements.
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