TSX-V TRADING SYMBOL: CEC
VANCOUVER, March 12, 2015 /CNW/ - Compliance Energy Corporation (the "Company") is pleased to announce that it has arranged a loan in the principal amount of $200,000 to its wholly-owned subsidiary, Compliance Coal Corporation (the "Borrower"). The Lender is (the "Lender"), a director of both the Company and the Borrower.
The Loan bears interest at rate of 10% per annum calculated monthly and compounded monthly. The Loan and all accrued interest will be payable by the Borrower to the Lender on December 31, 2015. The Loan is secured by a security interest over the assets of the Borrower. The Company has guaranteed the Loan and the guarantee is secured by a security interest over the assets of the Company. Loan proceeds will be used for working capital.
The Loan is subject to the approval of the TSX Venture Exchange.
On behalf of the Board of
COMPLIANCE ENERGY CORPORATION
Grant Tanaka, CA
Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Note: This news release contains forward-looking statements under applicable securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include: the ability of the Company and the Borrower to repay the Loan and interest thereon based on working capital and general economic, market or business conditions; the receipt of the required regulatory approval and the use of the proceeds of the Loan. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Compliance Energy Corporation
For further information: Contact Steve Ellis, President & Chief Operating Officer at 250-871-7910; or Grant Tanaka, Chief Financial Officer at 604-689-0489 for further information.