MENDOCINO BREWING COMPANY, INC. Mendocino Brewing Co. Inc. (OTCPK:MENB) announced a private placement of a promissory note for gross proceeds of $325,000 with existing lender Catamaran Services, Inc. on March 14, 2016. The note will bear interest at a rate equal to the lesser of 1.5% per annum above the prime rate offered from time to time by the Bank of America Corporation in San Francisco, California or 10% per annum, until the principal is fully paid.
The company will pay accrued interest to the investor within six months from the closing. The note may be prepaid without penalty at the option of the company; no payments on the note may be made unless such payment is a permitted payment or certain existing obligations of the company to Cole Taylor Bank, N.A. pursuant to the credit agreement.
