Calgary, Alberta, October 11, 2022 – HOUSTON, Texas, October 11, 2022 (ACCESSWIRE) – 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”), has entered into a loan arrangement with a Missouri-based institutional lender (the “Lender”), pursuant to which such Lender has agreed to provide a loan facility to the Borrower, whereby the Borrower may borrow up to US$5M, with the proceeds to be used for working capital, acquisitions and general corporate purposes (the “Facility”).  All obligations of the Borrower under the Facility are guaranteed by the Company.  By entering into this arrangement, the Borrower is able to further fund future obligations without dilution to Company shareholders.  The term of the loan facility is one (1) year and is renewable in one (1) year terms to a maximum of five (5) years (the “Term”).  Under the loan agreement, the Borrower may borrow in one or more advances, provided however that a minimum amount of US$250,000 must be borrowed at any one time and not more than two advances may occur per month.  Interest shall accrue at a rate of the US prime rate less 0.5 percent per annum, payable monthly. The principal amount drawn on the Facility and any accrued but unpaid interest is payable by the Borrower at the end of the Term.

Any amount drawn on the Facility, and any accrued but unpaid interest thereon, is convertible by the Lender at their discretion into common shares of the Company at a price equal to the market price of Company’s shares on the Canadian Securities Exchange on the date of conversion.  The Facility is secured by all the current and after acquired assets of the Borrower.

Matthew D. Hill, President and Chief Executive Officer of Starrex stated, “We are incredibly excited to announce this new credit facility which will expedite our future growth.  Utilizing the proceeds from the pending sale of our appraisal businesses, combined with this new line of credit, Starrex will be perfectly positioned to act upon our strategic plan to enter the residential and commercial real estate title space.”

About Starrex International, Ltd.

Starrex is a national provider of real estate appraisal and credit reporting services to mortgage lenders and brokers in the US whose leading-edge technology platform and specialized business model provides a streamlined approach for our clients, resulting in faster turnaround times. We are committed to investing in our employees, delivering value to our customers, ethically managing our suppliers and professional networks, and supporting the outside communities within which we work.

Our business is driven by subsidiaries that operate across 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 reports to mortgage lenders, mortgage brokers, and credit unions for homebuyers or refinancers in all states, along with risk mitigation, flood and verification services. Property Interlink, LLC provides innovative and comprehensive valuation and commercial appraisal management services to the mortgage industry, while Reliable Valuation Service, LLC provides objective and comprehensive valuations of residential real estate to appraisal management companies using an employee-appraiser model that provides a level of quality, control and consistency unmatched in the industry.

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 & Chief Executive Officer mhill@starrexintl.com

For further information please contact Scott Koyich, Investor Relations, Brisco Capital Partners, (403) 619-2200 | scott@briscocapital.com .

Additional Information

Additional information relating to Starrex and other public filings, is available on SEDAR at www.sedar.com.

Forward Looking Statements

This news release contains forward-looking statements relating to the timing and completion of the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” 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. The forward-looking information is made as of the date of this news release and Starrex assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

 

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