VAL-D'OR, QC, Feb. 12, 2014 /CNW Telbec/ - ABE Resources Inc. (the "Company") (TSXV: ABE) announces the receipt of a secured loan in the amount of $657,244 from Investissement Québec.
The loan is secured by a movable hypothec on the universality of claims and accounts receivable present and future affecting in first rank the Company's tax credit receivable present and future. The loan is mainly secured by ABE's exploration tax credits receivable from Revenue Québec which total $953,702. The loan bears an interest rate of prime (actually 3%) plus 5.5% (effective rate of 11.12%). The loan will mature on December 31, 2014 unless repaid earlier in accordance with the terms and conditions of the loan.
The Company intends to use the proceeds of the loan for advancement of its business plan and for working capital.
About ABE Resources
ABE Resources is a Quebec mineral exploration company focused on the discovery and development of mineral deposits of economic potential in Québec. ABE currently has 9,510,944 common shares issued and outstanding.
Neither 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.
This press release contains "forward-looking information" which is subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking information.
SOURCE: ABE Resources Inc.
For further information:
Yves J. Rougerie
President and CEO
Tel: (819) 874-6200 ext 222