Synex International Inc - Financing Update
TSX : SXI
VANCOUVER, Sept. 3, 2013 /CNW/ - Kyuquot Power Ltd., a wholly owned subsidiary of the Company, has entered into an amendment to the Credit Agreement with Canadian Western Bank as of July 31, 2013. The amendment primarily covered the further loan advance of about $321,000. As at July 31, 2013, the loan principal is now $700,000 and the interest rate is fixed for a three year term at 4.88% with a loan amortization period ending July 31, 2023.
During late July 2013 and August 2013, directors and an officer exercised 340,000 existing stock options which resulted in gross proceeds of $153,500 to the Company.
The cash balance of the Company, including the Barr Creek Limited Partnership, at August 31, 2013 was approximately $1.2 million. The proceeds from the additional lending and exercise of stock options will be used primarily to fund project developments as well as for general working capital purposes.
The Company is a successful hydroelectric developer and consultant in British Columbia. The Company wholly owns, or has proportionate interests in, a total of 12 MW of operating facilities. In addition, the Company has applications for water licences and land tenure on over 55 potential hydroelectric sites which are in various stages of development or intended for disposition. Mostly, the water licence applications are for projects with individual capacities of less than 10 MW. BC Hydro under the current Standing Offer Program accepts applications for electricity purchase agreements for up to forty years for projects with a maximum size of 15 MW.
Greg Sunell, President
This press release contains forward-looking statements that involve risks and uncertainties. These statements reflect our current expectations and are subject to change. They are subject to a number of risks and uncertainties including, but not limited to, changes in economic conditions, risks associated with the construction and operation of hydroelectric facilities and changes in government policies.
SOURCE Synex International Inc.