Thats right. Andy Bruziewicz and Jacques Levesque metwith the Ontario Government Rep In Kirkland Lake. they checked out the details of the Ontario Heritage Loan / Grant and submitted it to the board. The board authorized a professional proposal writer to make an application for the grant.
It is no big deal. I just wanted to thank Andy for doing a good job at getting the ball rolling on this. If he had not made that initial conversation with her, this grant - loan combination may very well have never happened. The terms and conditions are far better than any other financing that Nordex has engaged in going back a good number of years.
BTW there was also another financing that Andy, Adel and Jacques arranged shortly after they were elected onto the board in 2010. The financing amounted to $200,000 with a 10% interest coupon. Both of these financings were non dilutive.