Forterra Announces Bridge Loan
20 June 2008 - 6:22AM
Marketwired
TORONTO, ONTARIO (TSX VENTURE: FTE) announced that it intends to
borrow $50,000 from a director of the corporation for working
capital purposes.
The loan will become due and payable on July 15, 2008 with
interest calculated at 16% per annum and payable on the due date.
Forterra has agreed to issue 70,175 bonus shares to the lender. The
bonus shares have a deemed price of $0.1425 per share. The loan is
to be secured against the assets of Forterra and its subsidiary,
Forterra Inc.
Forterra expects to repay the loan with proceeds of a private
placement. Forterra is in discussions with potential investors but
the terms of the private placement have not been settled.
About Forterra Environmental Corp.
Forterra Environmental Corp. is an emerging leader in the
production and marketing of premium organic soil enrichment
products. These environmentally friendly products boost fertility
while replenishing the soil with organic matter, using worm
castings, for sustainable, long-term benefits, including stronger
root growth and drought and pest resistance. Forterra is the first
company to commercialize the indoor, large-scale production of
totally organic soil-enrichment products. Forterra uses red
wriggler worms to convert organic waste into vermicompost or worm
castings. Worm castings contain micronutrients, which are required
for healthy plant development. Worm castings also contain microbes,
which increase the rate at which plants take up available
macronutrients and micronutrients.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Forterra Environmental Corp. Donald Green Chairman and
Chief Executive Officer (905) 634-8647 Email:
green@forterra.com
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