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.
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.
For further information:
400 - 1444 Alberni Street, Vancouver B C V6G 2Z4
Phone (604) 688 8271 Ext. 309 Fax (604) 688 1286
E-mail: email@example.com Web Site: www.synex.com/