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Ecolomondo Signs Loan Agreement for $32.1 Million in Project Financing with Export Development Canada (EDC)
Ecolomondo Signs Loan Agreement for $32.1 Million in Project Financing with Export Develop...
About this update from Ecolomondo Corporation
[{"type":"text","content":"\n\n\n\nEcolomondo Signs Loan Agreement for $32.1 Million in Project Financing with Export Development Canada (EDC)\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\n\nCanada NewsWire\nMONTREAL, April 3, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n MONTREAL, April 3, 2019 /CNW Telbec/ - Ecolomondo Environmental (Hawkesbury) Inc., a subsidiary of Ecolomondo Corporation (TSXV: ECM) (\"the Company\" or \"Ecolomondo\"), is pleased to announce that it has entered this day into a loan agreement (\"Loan\") for an amount of CAD 32.1 million in project financing (\"Financing\") with Export Development Canada (\"EDC\"), the proceeds of which are to be used to build the Company's new, first of its kind turnkey Thermal Decomposition (\"TDP\") facility that will be located on Tessier Street in the Town of Hawkesbury, Ontario.\n\n \n \n\n \nThis Loan Facility reflects the term sheet that was previously entered into on February 27, 2019 and as announced in a previous press release. The Loan will bear a floating interest rate using a Canadian reference base rate plus a market-based margin. Scheduled drawdowns are to begin in August 2019 upon completion of conditions precedent to funding, which are customary to financings of this nature. Repayment of the Loan is scheduled to commence on March 31, 2021 and the Loan will mature on June 30, 2031.\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 barrels of oil, 1,800 tons of steel and 1,600 tons of process gas. \nManagement now expects to break ground by June 2019 and to begin commissioning of the TDP facility in the first quarter of 2020, as originally scheduled.\n\"Ecolomondo is proud to conclude this loan agreement for this innovative project and proud to do so with an extremely professional organization such as Export Development Canada. EDC will be a key player in the commercialization of our cleantech p...