Arise Technologies gets CAD500,000 bridge loan from Radiant
Sep 16, 2011 – Canada-based solar technology firm Arise Technologies Corp has obtained a CAD 500,000 (USD 508,000/EUR 368,000) bridge loan from Radiant Investments Management Ltd's funds.
In a statement released on Thursday, the company said the loan falls due on December 14, 2011 and carries an interest rate of 10.0% a year. The financing will be used to reinforce Arise Technologies' working capital position during its ongoing review of strategic options.
Arise has also agreed to issue 3,499,897 share purchase warrants to Radiant, exercisable for six years at CAD 0.055 a share.
The company further said it was still holding discussions to extend its standstill agreement with German Commerzbank (ETR:CBK).