UGE Secures Bank Loan for Working Capital, Finalization of Endura Acquisition
TORONTO, ON- (Jan 26, 2016) - UGE International Ltd. (the "Company" or "UGE") (www.ugei.com) (TSX VENTURE: UG) (OTCQB: UGEIF), announced today that it has secured a 12 million RMB (USD $1.83 million) loan from the Bank of China. The financing will be used to fulfill payment of the cash portion of the Company's proposed acquisition of Endura Energy Project Corp., general working capital purposes, and repayment of a loan. The loan has a three-year term, with annual renewals, and carries an annual interest rate of 5.22%.
"Going into 2016, two of our top priorities were to complete the Endura acquisition and to strengthen our balance sheet. Securing this low-interest loan, along with the proposed debt to equity conversion we announced January 5th, caps off a very productive start to 2016," said UGE CEO, Nick Blitterswyk.