Newtopia Secures Bridge Financing to Fuel Growth
Toronto, Canada – September 4, 2024 – Newtopia Inc. (TSXV: NEWU, OTCQB: NEWUF), a tech-enabled whole health platform focused on preventing, slowing, and reversing chronic diseases, announced today that it has secured bridge financing of CDN$200,000 (the “Bridge Loan”) from Bloom Burton & Co. Inc. (the “Lender”).
The Bridge Loan, evidenced by a promissory note in favor of the Lender, will be primarily used for working capital and general administrative purposes as Newtopia continues to execute its strategic plan, as outlined in a previous press release on July 10, 2024.
The Bridge Loan carries an interest rate of 12% per annum, accruing quarterly and capitalized against the principal loan amount. The principal amount, along with accrued and capitalized interest, is payable upon demand from the Lender. While unsecured, the obligations are subject to postponement and subordination to any other secured creditors. Notably, Newtopia can repay the Bridge Loan at any time without penalty.
Looking ahead, Newtopia anticipates needing additional financing to fulfill its obligations as they mature.
About Newtopia
Newtopia is a personalized whole health platform dedicated to empowering individuals to create positive, lifelong habits that prevent, slow, or reverse chronic disease while contributing to lower healthcare costs. The platform harnesses genetic, social, and behavioral insights to develop individualized prevention programs tailored to address metabolic disease, diabetes, mental health challenges, hypertension, weight management, and musculoskeletal disorders.
Adopting a person-centered approach that combines virtual care, digital tools, connected devices, and actionable data science, Newtopia delivers sustainable clinical and financial outcomes. The company serves some of the largest national employers and health plans, and is listed on the TSX Venture Exchange (NEWU) and quoted on the OTCQB® Venture Market (NEWUF). For more information, visit newtopia.com, connect on LinkedIn, or follow them on X (formerly Twitter).
Forward-Looking Statements
This press release contains forward-looking statements that reflect management’s expectations regarding Newtopia’s future growth, operational results, financial performance, and business prospects. These statements are based on current beliefs and assumptions and are subject to inherent risks and uncertainties. While Newtopia believes these assumptions are reasonable, actual results may differ materially due to various factors.
Such forward-looking statements include, but are not limited to, statements regarding the use of Bridge Loan proceeds, the ability to secure additional financing on favorable terms, the outcomes of a strategic review process, and the ability to reach agreements with senior secured lenders on favorable terms.
Factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to: termination of contracts by clients, risks related to COVID-19, disruptions to markets, economic activity, financing, supply chains, and sales channels, and general economic conditions. For a more detailed discussion of these and other risk factors, please refer to Newtopia’s disclosure documents filed with securities regulatory authorities in certain provinces of Canada and available on www.sedarplus.ca, including the final long form prospectus dated March 30, 2020.
