By Devika Patel
Knoxville, Tenn., Nov. 21 - iDNA Inc. said it has settled a $4.25 million loan from Silar Advisors, LP.
The loan is secured by a pledge of all of subsidiary iDNA Cinemas Holdings, Inc.'s assets. The loan is also guaranteed by iDNA.
Silar also received a warrant for 1.5 million common shares, exercisable at $0.27 per share.
Proceeds will be used to repay an outstanding loan, to pay fees and expenses in connection with this loan and for general corporate purposes.
New York-based iDNA, formerly National Auto Credit, Inc., is a strategic communications, information services and entertainment company.
| Issuer: | iDNA Inc.
|
| Issue: | Secured loan
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| Amount: | $4.25 million
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| Warrants: | For 1.5 million common shares
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| Warrant strike price: | $0.27
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| Investor: | Silar Advisors, LP
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| Settlement date: | Nov. 21
|
| Stock symbol: | OTCBB: IDAI
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| Stock price: | C$0.22 at close Nov. 21
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