Orient Venture Capital, a Vancouver based capital pool company, has received loans totalling CAD40,000 from Asia Select Asset Management and Dwane Brosseau.
The loans bear a fixed interest rate at eight per cent per annum, maturing at the earlier of: 1) 12 months from the date of the advance; and 2) at the time of closing of an equity financing within 12 months from the date of the advance where the company issues shares of its common stock for cash consideration.
Beginning on 30 September 2009, and each 180th day following, the company shall make interest only payments in arrears for the immediately preceding 180 days on the outstanding principal balance.
Orient may prepay at any time all or any portion of the unpaid principal of the loans, without penalty, applying first to interest and then to principal.
