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Acceleware Ltd. Announces $200,000 Secured Debt Financing
Acceleware Ltd. Announces $200,000 Secured Debt Financing Acceleware Ltd. Announce...
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[{"type":"text","content":"\n\n\n\nAcceleware Ltd. Announces $200,000 Secured Debt Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAcceleware Ltd. Announces $200,000 Secured Debt Financing\nCanada NewsWire\nCALGARY, June 13, 2016\n\n\n\nNOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES\n\n\n\nCALGARY, June 13, 2016 /CNW/ - Acceleware Ltd. (\"Acceleware\") (TSX-V:AXE), a leading developer of high performance seismic imaging applications and RF heating technology is pleased to announce that it has received a $200,000 secured loan (\"Secured Loan\") secured through a general security agreement over the assets of Acceleware. \n\nThe Secured Loan is for a 150 day term and interest on the Secured Loan shall accrue to the principal at a rate of 6% per annum for the first 120 days of the term and 10% per annum thereafter.  The Secured Loan shall also accrue special interest (\"Special Interest\") prior to the maturity date of the Secured Loan at a rate of 4.87% per annum, provided that upon any repayment of the Principal Amount prior to or upon the maturity date of the secured loan, the aggregate amount owing by the Debtor to the Creditor in respect of such Special Interest shall be equal to $4,000. No Special Interest shall be payable subsequent to the Maturity Date.\n\nAcceleware expects to use the loan for general corporate and working capital purposes primarily related to its seismic software business. Entering into the loan allows Acceleware to continue to develop and test its highly efficient low-carbon RF heating technology for oil sands and heavy oil production. Notwithstanding the foregoing, there may be circumstances where, for sound business reasons, Acceleware may be required to reallocate the use of the funds. \n\nAbout Acceleware:\n\nAcceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's prof...