OTTAWA, June 16, 2016 /CNW Telbec/ - BluMetric Environmental Inc. (TSX.V: BLM), an Ottawa-based cleantech company, announced that it will delay the principal repayment of its Convertible Debentures (Maturity Date June 27, 2016), and, in accordance with the terms of those Debentures, will pay the semi-annual instalment of interest accrued on the Debentures and falling due on the Maturity Date. From the Maturity Date, the Debentures will bear interest at the default rate of 12% per annum until repayment in full of the principal and interest.
In the Company's press release dated May 30, 2016, the Company stated that it is actively engaging with an institution to replace the existing convertible debentures with another medium-term financing arrangement. Although the Company's negotiations have resulted in a letter of intent with the financial institution and continue to progress, BluMetric does not expect that the replacement financing will be in place prior to the Maturity Date of the Convertible Debentures.
For additional information, please refer to the Company's filings at www.sedar.com.
BluMetric Environmental Inc. is a diverse water, earth, and energy company providing solution-oriented consultation, design, products, and construction services to clients with complex environmental issues in more than 61 countries. With our award-winning team of industry experts and technology, BluMetric provides the finest effective and sustainable solutions to environmental challenges. BluMetric is a publicly traded Canadian company (TSX-V: BLM), headquartered in Ottawa, Ontario. For more information, visit www.BluMetric.ca.
Some of the statements in this press release, including those relating to the Company's discussions with financial institutions, repayment of convertible debentures, quarterly and annual results, future products, opportunities and cost initiatives, strategies and other statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, are forward-looking statements within the meaning of securities laws. Forward-looking statements include, without limitation, the information concerning possible or assumed future results of operations of the Company. These statements are not historical facts but instead represent only the Company's expectations, estimates, and projections regarding future events. The Company does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events, except as required by law.
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.
SOURCE BluMetric Environmental Inc.
For further information: on the subject of this release, please contact: Roger Woeller, CEO, BluMetric Environmental Inc., Tel: 613.839-3053 x 242, Email: [email protected]; Robin M. Sundstrom, IRonside Investor Relations, Tel: 647.822.8111, Email: [email protected]