Ontario · Receivership (court-appointed)
Application Record dated May 22, 2026.pdf
Application / notice of application · 22 May 2026
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What we verified from this filing7 verified
- applicantHemlock Point Capital Corp.
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000236-0000
- provinceONTARIO
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended, section 101 of the Courts of Justice Act, R.S.O. 1990, c C.43, as amended, and section 248 of the Business Corporations Act (Ontario), R.S.O. 1990, c. B. 16
- commencement date22 May 2026
- secured creditorsnote: Amount is the stated principal sum of the VTB Note dated August 23, 2024 between Smart Locker Ventures Inc. and Hemlock (due and payable February 23, 2025), which became Snaile's obligation upon Smart Locker's subsequent amalgamation with Snaile. This principal represents a restated/consolidated balance after a $753,398.18 cash paydown (on closing of the Amended SPA) of prior 'Hemlock Loan Agreements': Convertible Promissory Note dated Nov 29, 2021 ($1,000,000 principal, due Nov 29, 2023, not converted); Grid Promissory Note dated May 12, 2022 (amount of advances not stated in reviewed pages); and Loan Agreement dated April 19, 2023 ($750,000 convertible + $750,000 repayable on demand after Jan 19, 2024, not converted). A separate, earlier SPA Exhibit A (on or about April 2024) had listed Snaile's 'Shareholder Debt' owing to Hemlock at a total of $5,314,312 (principal $4,396,000 + accrued interest $918,312), which figure was superseded by the later cash payment and the VTB Note. A Confirmation of Security dated August 23, 2024 (Exhibit J) acknowledges Snaile's indebtedness to Hemlock including under the VTB Note. The exact outstanding balance (including further accrued interest) as of the May 2026 receivership application is not stated in the reviewed pages; a Demand Letter and Notice of Intention to Enforce Security dated May 1, 2026 (Exhibit V) exists but its contents were not among the pages provided. · page: 28 · as of: 2024-08-23 · amount: 7769064.81 · debtor: Snaile Inc. (as successor by amalgamation to Smart Locker Ventures Inc.) · creditor: Hemlock Point Capital Corp. · currency: CAD · security: General Security Agreement dated December 1, 2021 (granted in favour of Hemlock, then named Portway International Inc.) creating a continuing security interest in all present and after-acquired personal and real property of Snaile; PPSA financing statement registered against Snaile in favour of Hemlock (PPSA search results current as of April 26, 2026)