Ceapro Announces Closing of $1,600,000 Non-Dilutive Financing
EDMONTON, ALBERTA -- (Marketwired) -- 12/18/13 -- Ceapro Inc. (TSX VENTURE:CZO) is pleased to announce that it has closed a loan facility with Agriculture Financial Services Corporation (AFSC) which will provide Ceapro with commercial financing of up to $1,600,000 for its new manufacturing facility currently under construction in Edmonton. The loan will be for a five year term at an interest rate of 3.91%.
"We are pleased to close this agreement with our long term partner AFSC to provide this non-dilutive funding for our new Edmonton facility," said Gilles Gagnon, President and CEO of Ceapro.
"The terms of this loan facility provide funding at a very reasonable cost and with no dilution to Ceapro shareholders and recognizes the strong value added contribution that Ceapro's technology provides to agriculture feedstocks.
"We are fortunate to be in Alberta where the support for innovation and commercialization technologies is very positive. It is truly gratifying that AFSC, which has been with us from the beginning, will be part of the biggest and most exciting project in our corporate history. We look forward to continuing to add value to agri-products addressing health needs and help create a bioprocessing centre of excellence in Alberta," added Mr. Gagnon.
About Ceapro Inc.
Ceapro Inc. is a Canadian growth-stage biotechnology company. Primary business activities relate to the development and commercialization of active ingredients for personal care and cosmetic industries using proprietary technology and natural, renewable resources. To learn more about Ceapro, visit www.ceapro.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Ceapro Inc.
Released December 18, 2013