March 28, 2024 – Vancouver, Canada – Turnium Technology Group Inc. (TSXV: TTGI) (FSE: E48) (“Turnium” or the “Company”), announces that pursuant to its previous press release of March 6, 2024, it has entered into loan agreements (the “Loan Agreements”) with lenders (the “Lenders”) borrowing a total of C$300,000 (the “Loans”). The Loans will bear interest of 14% per annum. The maturity date of the Loans will be the date that is six (6) months following the date that the Lenders provided the Loans to the Company. The Loans may be repaid prior to their maturity with a minimum interest payment of six (6) months. One of the Lenders is a Director of the Company, and the other Lenders are each arm’s length parties to the Company.
In connection with the Loan Agreements, the Company has issued an aggregate of 3,000,000 share purchase warrants (the “Loan Bonus Warrants”) to the Lenders. Each Loan Bonus Warrant entitles the holder to purchase one common share of the Company at an exercise price of C$0.10 for a period of 12 months from the issue date. The warrants will be subject to an acceleration clause allowing for the acceleration of the warrants should the shares trade at or above C$0.20 for any 10 consecutive trading days. The issuance of 250,000 warrants to an insider pursuant to the Loan Agreement (“Insider Participation”) is considered to be a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”). The Company relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(b) and 5.7(1)(b) of MI 61-101 in respect of the Insider Participation.
The Company also announces that 344,475 warrants (with an exercise price of $0.56) expired on March 25, 2024, and 2,955,314 warrants (with an exercise price of $0.75) are set to expire on April 8, 2024.
About Turnium Technology Group, Inc.
Turnium Technology Group Inc. offers a proprietary SD-WAN solution to its customers that is faster and less expensive than its competitors. The customers benefit via enhanced performance, and crucially, a robust and cost-effective solution for maintaining uninterrupted internet connectivity. The technology eliminates any costly connectivity downtime, thereby enabling the user to continue business and avoid any revenue losses. Turnium SD-WAN solutions are sold through a channel partner program designed for Communications Service Providers, Internet and Managed Service Providers, System Integrators, and Value-Added Resellers.
For more information, contact sales@ttgi.io, visit www.turnium.com, or follow us on Twitter @turnium.
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Turnium Contact:
Chairman: Ralph Garcea, Email: rgarcea@ttgi.io, Telephone: +1 416-304-9125
Investor Relations: Bill Mitoulas, email: investor.relations@ttgi.io, telephone: +1 416-479-9547
Media inquiries, please email media@ttgi.io
Sale inquiries, please email sale@ttgi.io
CAUTIONARY NOTES
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