Methes Energies secures debt financing loan
Methes Energies International Ltd. announced that their subsidiary, Methes Energies Canada Inc., has finalized a CDN$1.6 million debt financing from a local Ontario, Canada lender. Methes Energies said that they will use the proceeds to pay off the company's outstanding term loan of CDN$1.5 million which was acquired in June 2012. The new loan will have a 12% per annum interest rate. The loan was secured by the Methes Energies' Sombra, Ontario and other real propery and personal property owned by the Methes Energy International Ltd.
Nicholas Ng, President of Methes Energies said, "We are pleased to have closed on this new loan allowing us to save thousands of dollars per month. The savings will allow us to continue to invest in our growth strategy."
Methes Energies International Ltd. is a leading renewable energy company which offers a range of products and services to biodiesel fuel producers. Production facilities for Methes are located in Mississauga, and Sombra, Ontario, Canada.