OTTAWA, July 3, 2019 /CNW/ - Clearford Water Systems Inc. ("Clearford" or the "Company"), (TSXV: CLI), today announced the closing of a short-term financing round (the "Loans") which has been approved by the TSX Venture Exchange.
The loans are unsecured and will be issued for a 6 month term maturing on December 31, 2019. $250,000 of the $300,000 loans were subscribed for by 3 insiders of the Company. Glenn Gold, Chairman and Kevin Loiselle, President and CEO each funded $100,000 of the loan. Wilf Stefan, COO funded $50,000 of the loan. The loans bear a fixed borrowing cost equal to 10% of the principal balance and will be payable at the loan maturity date. The proceeds of the loan will be used for working capital and general corporate purposes.
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.
About Clearford Water Systems Inc.
Clearford Water Systems is a provider of unified water management solutions for the design, deployment, financing and operation of water infrastructure systems. The Company's technology-based water solutions include Clearford One® wastewater infrastructure systems, Clearford M-brane™ packaged treatment solutions, and a full range of UV Pure® water disinfection products. For more information, visit www.clearford.com.
Forward Looking Statements
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe," "expects," "will," "intends," "plans," "projects," "anticipates," "estimates," "continues," and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this news release, Clearford will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities law, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: industry cyclicality; the ability to secure third-party agreements; successful integration of Clearford's system with third-party technology; competition; reduction in demand for products; collection from customers; relationships with suppliers; product liability; intellectual property; reliance on key personnel; environmental factors; interest rates; uninsured and underinsured losses; operating hazards; risks of future legal proceedings; income tax matters; credit facilities; availability and terms of financing; distribution of securities; restrictions on potential growth; effect of market interest rates on price of securities; and potential dilution.
SOURCE Clearford Water Systems Inc.
For further information: Kevin Loiselle, President & CEO, Clearford Water Systems Inc., Phone: (613) 599-6474 ext. 303