NewsEmpower Technologies borrows $925,000 from insiders
Ticker Symbol: C:EPT
Empower Technologies borrows $925,000 from insiders
Empower Technologies Corp (C:EPT)
Shares Issued 42,968,504
Last Close 7/28/2010
.15
Friday July 30 2010 - News Release
Mr. Paul Leung reports
EMPOWER TECHNOLOGIES ANNOUNCES DEBT FINANCING
Empower Technologies Corp. has obtained debt financing of $925,000, effective today, through its directors and officers. The terms of the debt are subject to the acceptance of the TSX Venture Exchange.
The net proceeds of the debt financing will be used for general corporate working capital. The debt is repayable in 12 months, carries an annual interest rate of 14 per cent and, subject to TSX-V approval, will be convertible into common shares of the company at the market price of the common shares (as determined in the policies of the TSX-V), and will be secured by a general security agreement over all of the company's assets. The company has also agreed to pay for the costs of borrowing and pledging of the collateral of the lenders which include legal, security pledge, disbursements and a 4-per-cent work fee. If TSX-V acceptance (and, if required, shareholder approval) of the grant of security or the conversion feature of the debt financing is not obtained, then the debt shall be repayable on demand by the lenders.
© 2010 Canjex Publishing Ltd.