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BluMetric Announces New Credit and Loan Arrangements and Repayment of Convertible Debentures
BluMetric Announces New Credit and Loan Arrangements and Repayment of Convertible Debentur...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\n\nBluMetric Announces New Credit and Loan Arrangements and Repayment of Convertible Debentures\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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nBluMetric Announces New Credit and Loan Arrangements and Repayment of Convertible Debentures\nCanada NewsWire\nOTTAWA, Sept. 12, 2016\n\n\n\n\n\n\n\nOTTAWA, Sept. 12, 2016 /CNW/ - BluMetric Environmental Inc. (\"BluMetric\" or the \"Company\") (TSX-V: BLM) is pleased to announce the completion of agreements providing the Company with new credit and loan arrangements, as described below.  \n\nBluMetric has finalized an agreement with the Bank of Montreal for a secured operating line of credit in the amount of $2,500,000.  This replaces the Company's previous line of credit with another Canadian bank.  The new bank facility is also supported by Export Development Canada by way of account performance security guarantees in favour of the bank.\n\nIn a separate transaction, BDC Capital Inc. (BDCC), a wholly owned subsidiary of Business Development Bank of Canada, has entered into an agreement with the Company for a secured five-year term loan in the amount of $2,500,000.  Pursuant to the loan agreement, BDCC is entitled to receive royalty payments based on BluMetric's gross revenue beginning February 2018.  This loan will provide additional working capital intended for growth, as well as repay today the Company's existing 9% Convertible Unsecured Debentures in the amount of $1,430,000. \n\n\"These arrangements significantly improve our working capital position and allow us to focus on growth opportunities that will benefit all aspects of the Company,\" said Roger Woeller, CEO of BluMetric.  \"Furthermore, we are pleased to enter into these relationships with exemplary Canadian Institutions.\"\n\nAbout BluMetric Environmental Inc.BluMetric Environmental Inc. is a publicly traded cleantech company with a portfolio of industry-leading engineering services and proprietary equipment providing sustainable solutions to environmental challenges.  Headquartered in Ottawa,...