Vivakor Inc (VIVK) has released an update.
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Vivakor, Inc. secured a $3 million term loan, backed by a range of guarantees and securities involving its subsidiaries and assets. The loan, with a substantial 22% annual interest rate, mandates monthly repayments after an initial interest-only period, and allows for a 10% prepayment premium within a set time frame. The deal includes a contingency for stock collateral issuance if the loan is not fully repaid by the maturity date. Additionally, shares were issued, and a finder’s fee was paid as part of the financing package, all underpinned by various agreements to protect the lender’s investment.
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