BQE Water Extends the Term of $1.5 Million Convertible Loans
VANCOUVER, BC / TheNewswire / January 5, 2018 – BQE Water Inc. (TSX-V: BQE) (“BQE Water” or the “Company”), a leader in the treatment and management of mine impacted waters, has received approval from the TSX Venture Exchange to replace $1,500,000 of convertible loans due January 6, 2018 (the "Original Loans") with $1,500,000 of convertible loans due January 6, 2019 (the “Replacement Loans”). The lenders include certain directors, management, and employees of the Company, individual investors, and non-management insiders of the Company.
Except with respect to the maturity date, the Replacement Loans will have the same terms and conditions as the Original Loans. The Replacement Loans will bear interest at a rate of 8% per annum and will be repayable in full on maturity. Interest will be payable semi-annually in arrears. BQE Water may elect to prepay all or any portion of the outstanding balance at any time during the term of the Replacement Loans without penalty.
During the term of the Replacement Loans, the lenders will hold a first charge security interest over the assets of the company.
Upon prepayment or maturity of the Replacement Loans, each lender may elect to convert all or any portion of the repaid principal into common shares of BQE Water at a conversion price of $0.06 cents per share. Any accrued but unpaid interest thereon will be converted into common shares at a conversion price equal to the greater of $0.06 cents per share or the then-prevailing market price of the common shares.
The Replacement Loans will ensure that BQE Water has the financial resources to continue executing on its longer term growth strategy.
About BQE Water
BQE Water is a service provider specializing in water treatment and management for the mining and metallurgical industry. We are focused on reducing Life Cycle Costs through customized solutions that reduce risks and long-term environmental liabilities while introducing sustainability into the overall water management plan. We have extensive expertise in the removal, recovery, and/or recycle of a broad range of metals, sulphate, selenium, cyanide, ammonia and other nitrogen species. BQE Water has commercialized several water treatment technologies and built plants at mine sites around the world for organizations including Glencore, Jiangxi Copper, Freeport-McMoRan and the US EPA. A key part of our business is our involvement in the ongoing operation and maintenance of treatment plants. We currently operate several plants under long-term contract and provide operations support to other plants globally. Our capabilities in implementing technical innovation and plant operations provides us with first-hand experience to deliver practical and actionable consultancy services. The company operates water testing laboratories and mobile pilot treatment facilities in North and South America, and China. BQE Water is headquartered in Vancouver, Canada and trades on the TSX Venture Exchange under the symbol BQE. Please visit www.bqewater.com for more information.
