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| Home : MBAC Announces Increase to Bridge Loan |
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Mar 03
2016 |
MBAC Announces Increase to Bridge Loan |
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TORONTO, ON--(Marketwired - March 02, 2016) - MBAC Fertilizer Corp. ("MBAC" or the "Company") (TSX: MBC) today announced that the investment fund active in the fertilizer industry that has extended the Company a bridge loan has increased its bridge loan to the Company with an advance of US$418,000, bringing the total amount that investment fund has made available to MBAC under bridge loans to approximately US$3.34 million. The proceeds of the new advances under the bridge loans were used to fund general and administrative expenses. The bridge loans are secured and carry an interest rate of 15% per annum and a maturity date of (a) the earlier of (i) 180 days following the date of advance and (ii) termination of the letter of intent between MBAC and the investment fund or (b) a later date as the investment fund and MBAC may mutually agree. |
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| Source:http://www.marketwired.com/mw/release.do?id=2102411&sourceType=3 |
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