Novra Announces First Funds Received Under SNAPS Convertible Loan Agreement

Rhea-AI Summary

Novra Technologies has received the first US$500,000 tranche of a US$9 million (CA$12.3 million) convertible loan agreement with SNAPS Holding Company. The loan, initially announced in September 2024, carries a 1% annual interest rate over a two-year term and can be converted to Novra common shares at CA$0.34 per share by either party, subject to TSXV and shareholder approval. The remaining funds are expected in multiple tranches through June and July 2025, with a final closing date set for July 31, 2025. While SNAPS has shown commitment through this initial funding, Novra cautions investors about relying on forward-looking statements. Company insiders are under a trading blackout until one week after further announcements.

Positive

• Secured first tranche of US$500,000 from convertible loan agreement
• Total potential funding of US$9 million (CA$12.3 million) with favorable 1% interest rate
• Flexible conversion terms allowing either party to convert at CA$0.34 per share

Negative

• No guarantee the full loan amount will be received as planned
• Trading blackout for insiders indicates potential uncertainty
• Future share dilution possible if loan converts to equity

Winnipeg, Manitoba--(Newsfile Corp. - June 16, 2025) - Novra Technologies Inc. (TSXV: NVI) ("Novra") is issuing this notice to announce that it has received the first US $500 thousand tranche of funds related to its binding Convertible Loan Agreement with SNAPS Holding Company ("SNAPS"), which was initially announced on September 10, 2024 and subsequently extended. The remainder of the loan is expected to be received in multiple tranches later in June and July.

As disclosed in previous statements, under the agreement SNAPS, which is an arm's-length party, will provide US $9 million (CA $12.3 million) for a term of two years with interest at 1% per annum. The agreed closing date for the loan was previously extended to be before July 31, 2025. This loan can be converted into Novra common shares by either SNAPS or Novra at any time during the term at CA $0.34 per share. The conversion to shares would require TSXV and shareholder approval.

Although SNAPS has demonstrated its strong commitment to the Convertible Loan Agreement by providing this first tranche of funds, the company cautions investors to refrain from placing undue reliance on forward-looking statements regarding this transaction. Novra can provide no assurance that the Convertible Loan Agreement will be completed in its entirety as proposed.

Novra's Directors and Officers, as insiders, are currently subject to a trading blackout and this will continue for an additional one-week period after an update announcing an end to the blackout, or an announcement that the Loan has closed, is released.

About Novra Technologies Inc.:

Novra (TSXV: NVI) (OTCQB: NVRVF) is an international technology provider of products, systems and services for the distribution of multimedia broadband content. The Novra Group of companies includes Novra Technologies Inc, International Datacasting Corporation, and Wegener Corporation. The companies in the group are known for a strong focus on applications, including: broadcast video and radio, digital cinema, digital signage, and highly reliable data communications.

For more information visit: www.novragroup.com

Forward-Looking Statements:

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, concerning but not limited to: pending closing of this transaction, required TSX Venture Exchange approval of this transaction, Shareholder approval of this transaction, and anticipated developments in our operations in future periods. Forward-looking statements are generally identifiable by words such as "expect", "anticipate", "believe", "intend", "estimate", "predict", "outlook", "opportunity", "momentum", "potential", "proposed", "targeted", "plans" "possible", "positive indication for", "looking forward to", "commitment to", "is starting to", and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. As such, forward-looking statements are not historical facts but reflect our current assumptions and expectations regarding future events. These are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations and assumptions. Some of these risks and uncertainties are described under the "Risks and Uncertainties" section of Novra's MD&A.

For the above reasons, readers are cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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CONTACT FOR NOVRA:

Harris Liontas
CEO
+1 204 989 4632
hliontas@novra.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255707

FAQ

What is the total value of Novra Technologies' (NVRVF) convertible loan agreement with SNAPS?

The total value of the convertible loan agreement is US$9 million (approximately CA$12.3 million).

What is the interest rate and term of Novra's convertible loan from SNAPS?

The loan has a two-year term with a 1% annual interest rate.

What is the conversion price for Novra's convertible loan agreement?

The loan can be converted into Novra common shares at CA$0.34 per share by either party, subject to TSXV and shareholder approval.

How much has Novra received so far from the SNAPS convertible loan?

Novra has received the first tranche of US$500,000 from the convertible loan agreement.

When is the closing date for Novra's convertible loan agreement with SNAPS?

The closing date for the loan agreement has been extended to July 31, 2025.