Business
BQE Water Proposes Extension to $1.5 Million Convertible Loans
(via TheNewswire) VANCOUVER, BC / TheNewswire / December 20, 2017 - BQE Wat...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Proposes Extension to $1.5 Million Convertible Loans(via TheNewswire)\n \n \nVANCOUVER, BC / TheNewswire / December 20, 2017 - BQE Water Inc. (TSX-V: BQE) (\"BQE Water\" or the \"Company\"), a leader in the treatment and management of mine impacted waters, has made a proposal to its lenders to amend the terms of the $1,500,000 convertible loans (the \"Loans\") by extending the maturity date by 12 months to January 6, 2019. The lenders included certain directors, management, and employees of the Company, individual investors, and non-management insiders of the Company. The proposed amendment is subject to TSX Venture Exchange approval.\n\n \n \nIf the proposed amendment is approved, the Loans will continue under the same terms and conditions with the exception of the extension of the maturity date described previously. The Loans bear interest at a rate of 8% per annum and are repayable in full on maturity. Interest is payable semi-annually in arrears. BQE Water may elect to prepay all or any portion of the outstanding balance at any time during the term of the Loans without penalty. During the term of the Loans, the lenders will hold a first charge security interest over the assets of the company.\n\n \n \nUpon prepayment or maturity of the Loans, each lender may elect to convert all or any portion of the repaid principal into common shares of BQE Water at a conversion price of $0.06 cents per share. Any accrued but unpaid interest thereon will be converted into common shares at a conversion price equal to the greater of $0.06 cents per share or the then-prevailing market price of the common shares. \n\n \n \nThe proposed amendment will ensure that BQE Water's management has the financial resources to continue executing on its longer term growth strategy.\n\n \n \nAbout BQE Water\n\n\n \nBQE Water is a service provider specializing in water treatment and management for the mining and metallurgical industry. We are focused on reducing Life Cycle Costs through customized solutions that reduce risks and long-term environmental liabilities while introducing sustainability into the overall water management plan. We have extensive expertise in the removal, recovery, and/or recycle of a broad range of metals, sulphate, selenium, cyanide, ammonia and other nitrogen species. BQE Water has commercialized several water treatment t...