January 29 - Toronto, Ontario -
AmmPower Corp. announces it has borrowed USD$65,000 from Dr. Gary Benninger and issued a promissory note to Dr. Benninger. The Loan bears interest at an annual rate of 8%, accruing daily and compounded monthly, is repayable on July 23, 2024 . Subject to the approval of the Canadian Securities Exchange, the Loan and all related interest is convertible into common shares of the Company, at the election of Dr. Benninger, on or prior to the Maturity Date. The Loan is a related party transaction pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions . Dr Benninger is the Company's CEO, a director and a control person of the Company, and, as such, Dr. Benninger abstained from the vote by the board o...