10:17 AM EDT, 08/26/2024 (MT Newswires) -- MiMedia Holdings ( MIMDF ) on Monday said its MiMedia ( MIMDF ) platform has been integrated onto the first set of Schok smartphones in the U.S., where MIM has been trading on the OTCQB Venture Markets exchange since August 1. The company also said it has closed a loan investment.

MiMedia ( MIMDF ) in a statement said only two months since signing its partnership with US-based device manufacturer Schok it has integrated its platform via an "Over the Air" or "OTA" software update. The company expects to integrate onto new Schok smartphones coming to market (as part of the new phone manufacturing process) and existing Schok smartphones via the OTA method.

On the loan investment, the company said it is with an arm's length corporation and involves a $1 million promissory note. It has a term of 18 months, is unsecured and bears interest at a rate of 15% per annum. Proceeds will be used for general corporate purposes. Mimedia ( MIMDF ) has also issued four million share purchase warrants to the lender. Each 18-month warrant is exercisable for one share at $0.25.

MIM was unchanged at $0.23.