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Ecolomondo Concludes Financing for CAD32.1M with Export Development Canada (EDC)
(via TheNewswire) Montreal, Quebec - TheNewswire - December 23, 201...
About this update from Ecolomondo Corporation
[{"type":"text","content":"Ecolomondo Concludes Financing for CAD32.1M with Export Development Canada (EDC)(via TheNewswire)\n \n \nMontreal, Quebec - TheNewswire - December 23, 2019 - Ecolomondo Environmental (Hawkesbury) Inc., a subsidiary of Ecolomondo Corporation (TSXV:ECM) (\"the Company\" or \"Ecolomondo\") is pleased to announce that it has completed the financing for CAD32.1M from Export Development Canada (\"EDC\") to build the Company's first of its kind new turnkey thermal decomposition facility that will be located on Tessier Street in the Town of Hawkesbury, Ontario (the \"Project\").\n\n\n \nAs previously announced, Ecolomondo entered into a loan agreement (\"Loan\") for an amount of CAD32.1 million in project financing (\"Financing\") with EDC on April 3, 2019. On December 18, the Company satisfied all conditions precedent, including its equity injection of approximately CAD5.2 million, necessary to achieve financial close and make its first utilization under the Loan.\n\n \n \nThe total cost of the Project, approximately CAD 37.3M, will come mostly from the proceeds of the project financing loan of CAD32.1M from EDC and an equity injection of approximately CAD5.2 million by the Company.\n\n\n \nThe Company broke ground on August 21, 2019 and to date, all site preparations and foundations have been completed. Since the signing of the Loan agreement, the Company has placed orders for all long-lead equipment such as shredding line, carbon black processing, flare, reactors, oil treatment and distillation systems.\n\n\n \n\"This is a significant milestone for Ecolomondo as the company seeks to construct and operate their first commercial scale plant, using an innovative technology to economically remove waste from our landfills,\" said Carl Burlock, Executive Vice President and Chief Business Officer at EDC. \"This transaction is in line with commitments from EDC and from the federal government to make Canada a leading cleantech exporter. We're looking forward to working alongside the company as they use this landmark project to grow internationally and have a lasting, positive effect on the environment.\"\n\n\n \n\nClick Image To View Full Size\n\n \n \nOnce built and fully operational, this turnkey TDP facility is expected to process a minimum of 14,000 tons of tire waste per year and to produce 5,300 tons of recycled carbon black, 42,700 bar...