Fintech Select: Loan agreement with the CEO of the company

TORONTO, Dec. 9, 2022 /CNW/ - Fintech Select Ltd. ("Fintech Select" or the "Company") (TSXV: FTEC) is pleased to announce that it has entered into a loan agreement with Mr. Mohammad Abuleil, the Chief Executive Officer of Fintech Select ("Mr. Abuleil"), evidenced by a secured promissory note dated November 30, 2022 in favour of Mr. Abuleil for a principal sum of $369,662.00 (the "Promissory Note"). The Promissory Note represents a formal documentation of Fintech Select's debt obligation for funds advanced by Mr. Abuleil to Fintech Select throughout the calendar year of 2022 to cover corporate expenses such as general working capital and to retire corporate liabilities.  The Promissory Note matures on the date that is one (1) year from the date of the Promissory Note and will not accrue interest for a total of 6 months from the date of the Promissory Note and, thereafter, will accrue interest at a rate equal to the prime commercial rate of interest charged by the Toronto Dominion Bank. Under the Promissory Note, the Company will grant a registrable general security to Mr. Abuleil with respect to the principal amount plus interest applicable (as aforementioned) and on terms deemed customary and appropriate by the independent members of the board of directors of the Company at the advice of counsel.