TSX : SXI
VANCOUVER,
Sept. 3, 2013 /CNW/ - Kyuquot Power
Ltd., a wholly owned subsidiary of the Company, has entered into an
amendment to the Credit Agreement with Canadian Western Bank as of
July 31, 2013. The amendment
primarily covered the further loan advance of about $321,000. As at July 31,
2013, the loan principal is now $700,000 and the interest rate is fixed for a
three year term at 4.88% with a loan amortization period ending
July 31, 2023.
During late July
2013 and August 2013,
directors and an officer exercised 340,000 existing stock options
which resulted in gross proceeds of $153,500 to the Company.
The cash balance of the Company, including the
Barr Creek Limited Partnership, at August
31, 2013 was approximately $1.2
million. The proceeds from the additional lending and
exercise of stock options will be used primarily to fund project
developments as well as for general working capital purposes.
The Company is a successful hydroelectric
developer and consultant in British
Columbia. The Company wholly owns, or has
proportionate interests in, a total of 12 MW of operating
facilities. In addition, the Company has applications for
water licences and land tenure on over 55 potential hydroelectric
sites which are in various stages of development or intended for
disposition. Mostly, the water licence applications are for
projects with individual capacities of less than 10 MW. BC
Hydro under the current Standing Offer Program accepts applications
for electricity purchase agreements for up to forty years for
projects with a maximum size of 15 MW.
"signed"
______________________________________
Greg Sunell, President
This press release contains forward-looking
statements that involve risks and uncertainties. These statements
reflect our current expectations and are subject to change.
They are subject to a number of risks and uncertainties including,
but not limited to, changes in economic conditions, risks
associated with the construction and operation of hydroelectric
facilities and changes in government policies.
SOURCE Synex International Inc.