Mitesco (MITI) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 24, 2024, the Company secured funding through a lending agreement with historical institutional investors Cavalry Fund and Mercer Street Capital. Each investor provided $25,000 through notes with a 12-month term and an annual interest rate of 10%. The proceeds are allocated for compliance-related expenses, including SEC reporting and audit, legal, and accounting fees. The Company anticipates similar funding arrangements with additional investors to support ongoing compliance costs.
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For a comprehensive understanding of the announcement, you can read the full document here.