Clearford Announces New US$1.0 Million Term Loans
Clearford Announces New US$1.0 Million Term Loans |
[28-October-2020] |
OTTAWA, ON, Oct. 28, 2020 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), today announced that it has entered into and closed 2 new loan agreements for US$1.0 million. The proceeds of the loans will be used to strengthen Clearford's balance sheet and fund project related working capital requirements including debt servicing and principal repayments of previously issued loans. The loan bears interest at 9.75% per annum and matures on October 21st, 2030. The loans each valued at US$500,000 both bear interest of 9.75% payable semi-annually in May and November of each year. A setup fee of 4% is payable on the new loans. The Company provided a general security agreement over the assets of its subsidiary Clearford Koester Canada Inc. As the Company previously announced, its Board of Directors has initiated a formal process to review potential strategic alternatives available to the Company which is ongoing with no additional new information available at this time. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. About Clearford Water Systems Inc. About Clearford Waterworks Inc. and Clearford ASI Inc. (Clearford subsidiaries) About UV Pure Technologies Inc. (a Clearford subsidiary) Forward Looking Statements By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third party agreements; successful integration of Clearford's system with third party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution. SOURCE Clearford Water Systems Inc. | ||
Company Codes: TorontoVE:CLI |
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