COCONUT CREEK, Fla., June 22, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Bahamas Development Corporation (OTCPINK:BDCI) subsidiary company Global Consortium, Inc., f/k/a Cannabis Consortium, has secured a non-convertible loan for $1 million dollars from the same party that invested $1 million dollars in the previously announced private placement.

The loan is non-convertible, and will not cause any dilution for Global Consortium, Inc. The Note has a term of 1 year and carries an interest rate of 6%. Funding of the loan will be completed on or before July 3, 2018, and funds will be disbursed to the parties on the same day.

Global Consortium will use the funds to pay down the note for $1.5 million owed on the Indulge Oils transaction. An agreement has been entered into with the Company's President Tom Roland, to extend a portion of the final payment of $500,000 until the end of July 2018. A short-term note for 30 days will be entered into between Global Consortium Inc. and Mr. Roland.

After the July 4th break, Global will report on its revenue figures for the period ending June 30, 2018.

Bahamas Development Corporation, in compliance with SEC regulations, may in the future use social media outlets like Facebook or Twitter and its own website to announce key information in compliance with Reg FD.