OTTAWA, April 15, 2013 /CNW/ - Clearford Industries Inc. ("Clearford" or
the "Company"), (TSXV: CLI) today announced that it has increased the
available funding amount on its previously announced 20 year term loan
with Mundaun Financial Design AG of Switzerland (the "Lender") to
C$7.95 million through 2 amendments to the agreement dated March 22,
2013 and April 12, 2013. As previously announced on March 16th, 2012,
the Company entered into a C$5.5 million term loan with the Lender
which was increased to C$6.6 million through amendments to the original
loan on November 9, 2012, December 21, 2012, and January 31st, 2013 as previously announced.
In connection with the 2 loan amendments, Clearford will grant 1,929,143
non-transferrable warrants entitling the Lender to purchase one
treasury common shares of Clearford for each warrant, at a price of
$0.20 per share, until three years from the closing date. The warrants
are subject to final approval by the TSX Venture Exchange. 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.
Clearford will pay a 10% fee to an arm's length third party as amounts
are advanced.
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™) based solution, which enables the efficient
collection and treatment of sewage. Its superior operational and
environmental performance is achieved at a significantly lower
operational cost when compared to historic gravity sewers.
Clearford's SBS™ technology and industry expertise provide the enabling
platform to deliver on a global basis, a turnkey, wastewater collection
and treatment solution that is ideally suited for; water-scarce
regions, communities with unreliable water distribution networks, and
new developments seeking a greener approach to full 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 managements 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.
SOURCE: Clearford Industries Inc.
