- Hyper Bit Technologies (HYPAF, Financial) secures a CAD $1M credit facility with Bit Royalty for purchasing Bitcoin and Dogecoin.
- The credit facility has a 10% annual interest rate and 90-day repayment terms, utilizing company shares for cryptocurrency purchases.
- Hyper Bit enters a CAD $220,000 unsecured loan agreement with a 15% fee and 10% annual interest, alongside a CAD $30,000 marketing deal with Departures Capital.
Hyper Bit Technologies Ltd. (CSE: HYPE, OTC: HYPAF, FSE: N7S0) has announced a binding letter of intent with Bit Royalty, allowing access to a CAD $1,000,000 credit facility for acquiring Bitcoin and Dogecoin. This facility enables Hyper Bit to purchase cryptocurrencies using company shares, carrying an annual interest rate of 10% with a 90-day repayment period. Each transaction will require due diligence and adhere to Canadian securities laws.
In addition to the credit facility, Hyper Bit has secured a CAD $220,000 unsecured loan from three arms-length parties, which includes a 15% loan fee and a 10% annual interest rate, with flexibility for conversion into the company's next private placement. This move comes as part of Hyper Bit's broader strategy to enhance its involvement in the cryptocurrency sector.
Furthermore, Hyper Bit has inked a six-month marketing agreement with Departures Capital worth CAD $30,000. This partnership aims to elevate the company's online presence and public awareness, supporting its strategic expansion into cryptocurrency markets. Hyper Bit continues to focus on mining operations for various cryptocurrencies including Dogecoin, Litecoin, and Alleocoin, converting these into Bitcoin on a percentage basis.
