Business
BluMetric Re-Mortgages Real Estate with Gross Proceeds of Approximately C$1 Million
OTTAWA , July 17 , 2014 /CNW/ - BluMetric Environmental Inc. ...
About this update from Blumetric Environmental Inc.
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\n\nOTTAWA, July 17 , 2014 /CNW/ - BluMetric Environmental Inc. (TSX-V: BLM), an Ottawa-based cleantech company, is pleased to announce that it has re-mortgaged its property at 3108 Carp Road, Ottawa, for gross proceeds of $1,060,000. The mortgage carries an interest rate of 7.99% p.a., has a term of 2 years, and monthly payments will be based on a 25-year amortization.\n\nThe transaction was brokered by Prime Financial Group Inc., Osgoode, Ontario and funding was provided by Westboro Mortgage Investment Corp. of Ottawa, Ontario.\n\n\"We are pleased to have been able to significantly increase our available working capital without dilution to existing shareholders,\" said Ian Malone, CFO of BluMetric. \"This transaction is part of a broader plan to improve the company's liquidity and capital structure.\"\n\n\"The capital structure plan has been developed to deal sequentially with the working capital needs underlying our growth strategy, and is expected to be followed by further steps designed to improve the balance sheet,\" said Roger Woeller, CEO.  \"The increased working capital will in part be used to accelerate manufacturing and delivery of a number of projects for which signed contracts are in place.\"\n\nFollow us on:Twitter:  www.twitter.com/BluMetricLinkedIn:  www.linkedin.com/BluMetricFacebook:  BluMetric\n\nAbout BluMetric\n\nBluMetric, a cleantech company, delivers sustainable solutions to complex environmental issues.  The Company serves clients in many industrial sectors, and at all levels of government, in Canada and abroad.\n\nBluMetric operates through two divisions:\n\n\nProfessional Services, providing environmental earth sciences and engineering solutions, including contaminated site remediation, water resource management, industrial hygiene, occupational health & safety, and renewable energy; \nWater, focussed on design-build and pre-engineered product solutions to industrial/commercial water and wastewater treatment needs.  \n More information can be obtained at www.blumetric.ca\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\n\nForward-Looking Statements \n\nSome of the statements in this pr...