Business
Maple Leaf receives Letter of Acceptance for final review of its application for $60 million loan facility
Maple Leaf receives Letter of Acceptance for final review of its application for $60 million loan...
About this update from Maple Leaf Green World, Inc.
[{"type":"text","content":"\n\n\n\n Jun. 2, 2010 (Canada NewsWire Group) -- (TSX-V: MPE)\n\nLast Close: June 1, 2010 - $0.14\nShares Issued: 63,036,627\n\n Maple Leaf Reforestation Inc. ("Maple Leaf" or the "Corporation") is pleased to announce that it has received a Letter of Acceptance from APEC Logic Investments Pty Limited (http://www.apecgroup.org/) ("APEC") for making a final application for a US$60 million investment loan (the "Loan") from a large private investment trust fund in Europe (the "Trust"). APEC is an authorized agent for the Trust and is an Australian-based international investment company with strategic partners and select investments in Asia and has offices in both Australia and Singapore. The Trust was reported to have loaned US$900 million in 2009 towards developing and advancing various international projects. The Loan will be treated as a zero-based bond that Maple Leaf does not have to pay back the principal and interest for until the 10-year anniversary. The interest rate will be the on-going bond rate in Europe, which is presently between 4.5% and 5.5%.\nTo facilitate the final application, APEC's principals will be visiting Maple Leaf's China operations and meeting with Raymond Lai, President & CEO of Maple Leaf in late June or early July, 2010. APEC will then be making a final presentation to the Trust regarding Maple Leaf in late July or early August, 2010, at which time a decision on final approval for the Loan will be made by the Trust.\nRaymond Lai comments, "We have been working on this major financing for nearly a year now. It is very exciting that MPE has received the Letter of Acceptance from the Trust and APEC as it is certainly a very meaningful step forward for us. If the Loan is approved following APEC visiting our operations and presenting a final report to the Trust, we expect that the first tranche of funding will be available to MPE approximately 90 days from now. With this funding, MPE will be able to rapidly advance its new bio-diesel and waste oil projects as well as to expand its other core operations. Securing this financing would be a major milestone for Maple Leaf".\n\nAbout Maple Leaf Reforestation Inc.\n\nMaple Leaf is a Canadian company operating five environmental related projects in China:\n\n\n >\n\n\nMaple Leaf is a wholly-owned foreign ...