A Japanese company called Genepax unveiled their water powered car in 2008 in Osaka, Japan(1). It doesn’t matter if it’s tap, bottled, or lake water, any type of water can make this car run. An energy generator splits the water molecules to produce hydrogen and this is used to power the car. They use a membrane electrode assembly (MEA) to split the Hydrogen from the Oxygen through a chemical reaction. The cell needs only water and air, eliminating the need for a hydrogen reformer and high pressure hydrogen tank.
U.S. Silver & Gold Inc. announces agreement to replace existing debt 08/08/2013 TORONTO, Aug. 8, 2013 /CNW/ -
U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") has replaced the previously announced extension on its existing US $7.9 million senior secured credit facility with Hale Capital Partners.
The Company has signed a credit agreement with Royal Capital Management Corporation as security agent, and certain lenders for the issuance of CDN $8.5 million notes (the "Notes") with a three-year term. The Notes carry a comparable annual interest rate of 12%, payable monthly, and are secured by a first charge on all material assets of the Company. Beginning two years following the date of issue, the Notes will be redeemed in monthly increments of $500,000 with the balance due and payable on maturity. The debt may be repaid at any time during the three-year term, subject to a repayment fee. In connection with closing the transaction, the Company will issue 10,625,000 warrants. Each warrant allows the holder to purchase one of the Company's common shares for a five-year term, and will be issued with an exercise price of $0.68, subject to downward adjustment in certain circumstances.
Unlike the previously announced term sheet with Hale Capital Partners, this new credit agreement does not require the Company to pay a net smelter return royalty.
The Company will further update the market on the new credit agreement during its second quarter conference call on Tuesday, August 13th, 2013 at 4:30 pm Eastern Standard Time.
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