BZAM Ltd. Secures Loan Facility from Chairman and Largest Shareholder's Investment Holding Company; Terminates Previously Announced Brokered Private Placement of Units

TORONTO and VANCOUVER, BC, Oct. 30, 2023 /CNW/ - BZAM Ltd. (the "Company" or "BZAM") (CNSX:BZAM.CN) (OTC:BZAMF) announced today that the Company has opted to proceed with a loan facility offered by the investment holding company of its Chairman and largest shareholder in lieu of the brokered private placement (the "Offering") referenced in its press release of October 2, 2023.  In place of the Offering, the Company has secured a loan today from the Chairman and largest shareholder of the Company of up to $3 million in aggregate, funded by way of one or more secured promissory notes (the "Loan"). The Loan will bear interest at a rate of prime plus 8% per annum and mature no earlier than April 1, 2025.  The Loan is intended to be used for general corporate expenses and working capital purposes, with the initial tranche of $1.19 million being funded today.