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Eloda announces third tranche of loan agreement

  //science-technology.news-articles.net/content/2 .. a-announces-third-tranche-of-loan-agreement.html
  Published in Science and Technology on Wednesday, July 15th 2009 at 12:35 GMT, Last Modified on 2009-07-15 12:35:33 by Market Wire
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 MONTREAL, July 15 /CNW Telbec/ - Eloda Corporation ("Eloda") (TSX-V: ELA) announces that it has issued two new promissory notes of $75,000 each for a total of $150,000 in respect of the third and fourth tranches of the loan agreement of up to $500,000 announced on June 26, 2009. The promissory notes bear interest at the annual rate of 12% and shall become due and payable upon demand by the holder. The promissory notes are not convertible into securities of Eloda. Additional advances under the loan agreement are at the sole option of the lenders. The proceeds will mainly be used to finance Eloda's operations, fund the on-going growth of its business and will be used for working capital purposes. The loan agreement constitutes a related party transaction for the purposes of Multilateral Instrument 61-101 Protection of Minority Holders in Special Transactions as disclosed in Eloda's press release dated June 26, 2009. About Eloda Corporation Eloda Corporation (TSX-V: ELA) is a third party providing a suite of innovative, effective and user-friendly measurement and validation tools for the advertising industry. The company is headquartered in Montréal, with an office in New York City. For more information, visit [ www.eloda.com ]. Neither TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

For further information: L. Derek Lindsay, VP and CFO, Eloda Corporation, (514) 842-1513, FAX: (514) 842-4588, [ dlindsay@eloda.com ]; Christiane Allaire, Director Marcom, Eloda Corporation, (514) 842-1513, FAX: (514) 842-4588, [ invest@eloda.com ]