Clearford Announces Closing of CDN$5.5 Million Term Loan
OTTAWA, (March 16, 2012) – Clearford Industries Inc. (“Clearford” or the “Company”) (TSXV: CLI) today announced that it has closed the 20 year $5,500,000 CDN term loan with Mundaun Financial Design AG of Switzerland (the “Lender”), as previously announced on February 29, 2012.
“This is a potentially game-changing transaction for Clearford” commented Clearford President and CEO Bruce Linton. ”This loan allows us to bring a project financing option to our sales opportunities as well as fund the sales, marketing and engineering work associated with our current pipeline of qualified projects.”
In connection with the loan, Clearford has granted 10,000,000 non-transferrable warrants entitling the Lender to purchase one treasury common share of Clearford for each warrant, at a price of $0.20 per share, until three years from the closing date. Common shares of Clearford issued by exercise of the warrants will be subject to a hold period until four months and one day from the closing date of the loan and warrant transaction.
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 Industries Inc.
Clearford Industries Inc. (TSX-V: CLI) is the developer of the patented Small Bore Sewer ™ (SBS™), a watertight small diameter wastewater collection system that provides servicing with superior operational and environmental performance at a significantly lower cost when compared to historic gravity sewers. Clearford’s SBS™ technology and industry expertise provide the enabling platform to deliver, on a global basis, turnkey, fixed-price wastewater collection, treatment and energy generation solutions that are ideally suited for water-scarce regions, those with unreliable water distribution networks, and new developments seeking a greener approach to water and wastewater management. For more information on Clearford, please 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; 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.
For more information:
Clearford Industries Inc.
Phone: (613) 762-8402