OTTAWA,
May 9, 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$8.29 million through
an amendment dated April 29, 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$7.95 million through
amendments to the original loan on November
9, 2012, December 21, 2012,
January 31, 2013, March 22, 2013 and April
12, 2013 as previously announced.
In connection with the loan amendment, Clearford
will grant 816,000 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 have
been approved 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.
