Revitalist Lifestyle and Wellness Ltd. (CSE: CALM / OTCQB: RVLWF / FSE: 4DO), announces that it failed to remit an interest payment to the holder of an unsecured convertible promissory note dated April 19, 2022. The principal amount of the Note, being $250,000, bears simple interest at a rate of 8% per annum, and the maturity date for the repayment thereof is April 19, 2025. Interest is to be paid quarterly. The quarterly payment totaled $5,000. Upon realizing that the payment was not made when due, the Company remitted the payment in satisfaction of the amount owed, but shortly after the expiration of the curative period set out in the Note. Notwithstanding the foregoing the Holder has demanded repayment of the entire unpaid principal sum and outstanding interest due under the Note.
The Company is in communication with the Holder’s representatives and hopes to address and resolve the breach in an amicable manner.
About Revitalist Lifestyle and Wellness Ltd.
Revitalist Lifestyle and Wellness Ltd. is a mental health and wellness company focused on comprehensive care in the ketamine wellness space offering innovative, evidenced based services. With physical locations and virtual offices across 28 states, Revitalist is one of the largest providers of psychedelic wellness services that is also listed on the Canadian Securities Exchange.