CALGARY, Sept. 18, 2013 /CNW/ - EmberClear Corp. (TSXV:
EMB) ("EmberClear" or the "Company") is pleased to
announce that its subsidiary, EmberClear Reserves Inc.
("EmberClear Reserves"), has obtained a $2 million secured bridge loan from a third
party. Under the terms of the loan, $400,000 was advanced to EmberClear Reserves on
closing with the remaining $1.6
million to be advanced monthly in eight tranches of up to
$200,000 per month.
The purpose of the bridge loan is to provide the
Company with additional capital to support the monetization of the
Good Spring natural gas combined
cycle power project ("Good
Spring NGCC1"), in northeastern Pennsylvania, to the benefit of EmberClear's
shareholders.
"With this transaction, we believe we will have
the ability to evaluate more options for the ownership of this
facility. This region deserves a state of the art power plant and
we are working hard to make that a reality," stated Nick Cohen, Chief Operating Officer.
Pursuant to the terms of the bridge loan,
interest accrues at a rate of 18% per annum and the Company will
pay a facility fee of 15% of the total principal amount advanced
over the term of the loan. The maturity date for the loan is
May 31, 2014. The loan is secured by
the assets of EmberClear Reserves and Future Power PA Inc., with
Future Power PA Inc. and EmberClear having also guaranteed
EmberClear Reserves' obligations under the loan.
About EmberClear
EmberClear is a global energy development
company specializing in low-emission energy projects. The
Company is primarily focussed on natural gas in the United States as an input to create
electricity, industrial chemicals and transportation fuels. We
utilize our proven expertise in permitting, site-control, and
engineering feasibility to create turnkey projects with contracted
returns suitable for long-term owners and operators of long-life
capital assets. EmberClear's shares are listed on the TSX Venture
Exchange under the trading symbol "EMB".
For more information please visit
www.emberclear.com.
Forward Looking Statement
Certain statements contained in this document
constitute forward-looking statements or information (collectively
"forward-looking statements") within the meaning of applicable
securities legislation. Forward-looking statements are typically
identified by words such as "anticipate", "continue", "estimate",
"expect", "forecast", "may", "will", "project", "could", "plan",
"intend", "should", "believe", "outlook", "potential", "target",
"seek", "budget", "predict", "might" and similar words suggesting
future events or future performance. All statements other than
statements of historical fact may be forward-looking
statements. In particular, this document contains
forward-looking statements pertaining to, without limitation, the
following: our ability to support the Good Spring NGCC1 project with the additional
capital; the Company's ability to monetize the Good Spring NGCC1 project to the benefit of
shareholders; and the Company's ability to generate more options
for the ownership of the facility. With respect to
forward-looking statements contained in this document, we have made
assumptions regarding, among other things, the following: ability
to support the natural gas combined cycle ("NGCC") projects; the
level of resources required to complete the sale of the NGCC 1
Project, stable investment conditions in North America; maximizing value of the natural
gas project for shareholders; access to markets; and attracting
appropriate financial participants. Although we believe that
the expectations reflected in the forward-looking statements
contained in this document, and the assumptions on which such
forward-looking statements are made, are reasonable, there can be
no assurance that such expectations will prove to be correct.
Readers are cautioned not to place undue reliance on
forward-looking statements included in this document, as there can
be no assurance that the plans, intentions or expectations upon
which the forward-looking statements are based will occur. By their
nature, forward-looking statements involve numerous assumptions,
known and unknown risks and uncertainties that contribute to the
possibility that the predictions, forecasts, projections and other
forward-looking statements will not occur, which may cause our
actual performance and financial results in future periods to
differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking
statements. These risks and uncertainties include, among
other things, the following: the possibility that EmberClear will
not have the financial, management or other resources to develop,
monetize, construct or operate a NGCC power plant or other project;
the possibility that EmberClear will not be able to establish other
aspects of financing to begin construction on a start of the art
power plant; the possibility that EmberClear will not be able to
take advantage of the market trends such as the availability and
price of natural gas and electricity pricing. Readers are cautioned
that this list of risk factors should not be construed as
exhaustive. The forward-looking statements contained in this
document speak only as of the date of this document. Except as
expressly required by applicable securities laws, we do not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
© 2013 EmberClear Corp. All rights reserved. All
other trademarks are the property of their respective owners.
SOURCE EmberClear Corp.
