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UGE International Secures 12 Million RMB Loan from the Bank of China
Jan. 27, 2016 11:48AM PST
Cleantech InvestingUGE International Ltd. (TSXV:UG) (OTCQB:UGEIF) has secured a 12 million RMB (USD $1.83 million) 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.
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