Starrex International Announces US$5 Million Secured Convertible Working Capital Loan Facility

CALGARY, AB /ACCESSWIRE/October 11, 2022/ Starrex International Ltd (“starrex“or the”Company“) (CSE:STX)(OTCQB:STXMF), is pleased to announce that Starrex Insurance Holdings, Inc., a wholly owned Texas subsidiary of the Company (the “Borrower“), entered into a loan agreement with a Missouri-based institutional lender (the “Lender“) pursuant to which this Lender has agreed to provide a Loan Facility to the Borrower whereby the Borrower may borrow up to US$5 million, the proceeds to be used for working capital, acquisitions and the general needs of the company (the “EaseAll obligations of the borrower under the facility are guaranteed by the company. By entering into this agreement, the borrower is able to further fund future obligations without dilution to the shareholders of the company. the loan facility is for one (1) year and is renewable for periods of one (1) year up to a maximum of five (5) years (the “Term“). Under the terms of the Loan Agreement, the Borrower may borrow in one or more advances, provided however that a minimum amount of USD 250,000 shall be borrowed at any time and that there may not be more than two advances per month. Interest accrues at US prime rate less 0.5% per annum, payable monthly. The principal amount drawn on the facility and any accrued but unpaid interest are payable by the borrower at the end of the term. .

Any amount drawn under the facility, and any accrued but unpaid interest thereon, is convertible by the lender, at its option, into common shares of the Company at a price equal to the market price of the shares of the Company on the Canadian Securities on the date of conversion. The facility is secured by all present and future assets of the borrower.

Matthew D. Hill, President and CEO of Starrex, said, “We are extremely pleased to announce this new credit facility which will accelerate our future growth. Using proceeds from the ongoing sale of our appraisal business, combined with this new line of credit, Starrex will be perfectly positioned to follow through on our strategic plan to enter the residential and commercial real estate securities space. »

About Starrex International, Ltd.

Starrex is a nationwide provider of real estate appraisal and credit reporting services to mortgage lenders and brokers in the United States, whose industry-leading technology platform and specialized business model deliver a streamlined approach to our clients, which translates into faster turnaround times. We are committed to investing in our people, delivering value to our customers, managing our suppliers and professional networks ethically, and supporting the outdoor communities in which we operate.

Our business is led by subsidiaries that operate in various segments of the mortgage value chain, including appraisals and credit services, and are committed to delivering value and growth to Starrex shareholders. MFI Credit Solutions, LLC provides consumer credit reporting to mortgage lenders, mortgage brokers and credit unions for homebuyers or refinancers in all states, as well as risk mitigation services, flood and verification. Property Interlink, LLC provides innovative and comprehensive commercial appraisal and appraisal management services to the mortgage industry, while Reliable Valuation Service, LLC provides objective and comprehensive residential real estate appraisals to appraisal management companies using an employee rater model that provides industry-leading quality, control, and consistency.

Starrex shares are traded on the Canadian Securities Exchange http://thecse.com, symbol “STX”, and on the OTC QB market http://www.otcmarkets.com/home in the United States, symbol “STXMF “.

Matthew D. Hill, President and CEO [email protected]

For more information, please contact Scott Koyich, Investor Relations, Brisco Capital Partners, (403) 619-2200 | [email protected].

Further information

Additional information regarding Starrex and other public documents is available on SEDAR at www.sedar.com.

Forward-looking statements

This press release contains forward-looking statements relating to the timing and completion of the Company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect” and similar expressions. All statements, other than statements of historical fact, included in this release.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to Starrex. Forward-looking information is made as of the date of this press release, and Starrex undertakes no obligation to update or revise such information to reflect new events or circumstances, except as required by applicable law.

Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

THE SOURCE: Starrex International Ltd.

About Donnie R. Losey

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