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 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.
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
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CO: Synex International Inc.
ST: British Columbia
NI: OIL UTI LOAN MNA
-0- Sep/03/2013 17:54 GMT
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