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TORONTO, ONTARIO--(Marketwire - Aug. 23, 2011) - MagIndustries Corp. (TSX:MAA) (the "Company") is pleased to announce that it has entered into an agreement with Evergreen Resources Holdings (BVI) Ltd. ("Evergreen"), the Company's controlling shareholder, to provide the Company with a C$50,000,000 principal amount term loan and that bears interest at a rate of 10.5% per annum calculated daily and compounded monthly, which interest, if unpaid, will be capitalized and added to the outstanding principal balance (the "Loan"). |
