UGE International Secures 12 Million RMB Loan from the Bank of China

UGE International Ltd. (TSXV:UG) (OTCQB:UGEIF) has secured a 12 million RMB (USD $1.83 million) loan from the Bank of China.
According to the press release:

The financing will be used to fulfill payment of the cash portion of the Company’s proposed acquisition of Endura Energy Project Corp., general working capital purposes, and repayment of a loan. The loan has a three-year term, with annual renewals, and carries an annual interest rate of 5.22%.
“Going into 2016, two of our top priorities were to complete the Endura acquisition and to strengthen our balance sheet. Securing this low-interest loan, along with the proposed debt to equity conversion we announced January 5th, caps off a very productive start to 2016,” said UGE CEO, Nick Blitterswyk.

Click here to read the full press release.