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TORONTO, ONTARIO--(Marketwired - July 29, 2015) - MCW Energy Group Limited ("MCW") (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the creation of oil sands extraction technology, has amended a loan agreement with a private arm's length lender, originally announced on March 11, 2015. Pursuant to the amendment the lender will make a further advance of US$1.5 million at a rate of 6% per annum, payable on maturity on February 9, 2016. The original loan was for US$2 million. The use of proceeds for this loan requires MCW to use the funds to complete the necessary work to expand its existing oil sands extraction plant in Asphalt Ridge, Utah, to an anticipated production of 500 barrels per day. |
