HydraLogic Completes $1.5M Bridge Loan29 December 2006
HydraLogic Systems Inc, (TSX.V: HLS) is pleased to announce that it has completed a secured bridge loan with BelAir Capital Management Limited Partnership (BelAir) and two other lenders for a total of $1.5 million.
The loans will bear interest at the rate of 12% per annum, mature one year following completion of the loans and be secured by a security interest over all of the assets of HydraLogic. HydraLogic has the right to prepay and repay the facility in part or whole at any interest payment date.
The proceeds of the loans will be applied to working capital of HydraLogic and be used for general business purposes.
In consideration for making the loans, the Company will grant the lenders share purchase warrants entitling them to purchase an aggregate of 1.5 million common shares of the Company at a price of $0.50 per share for a period of one year following closing.
About HydraLogic Systems Inc. www.hydralogic.ca
HydraLogic Systems Inc. is an environmental technology company focused on the replacement of harmful polluting chemicals with non-toxic organic solutions. Its technologies are being commercialized through distribution partnerships with leading regional, national and international companies with clientele in the waste management, pest control and agricultural products industries.
NOTE: A regular commentary on the Company's activities is available by registering for the Free Insight Newsletter, issued by The Howard Group, www.howardgroupinc.com.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
%SEDAR: 00020350E
For further information: Investor Relations: David Gordon/Grant Howard, The Howard Group Inc., Toll Free: 1-888-221-0915, Info@howardgroupinc.com, www.howardgroupinc.com
Source: newswire
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