Yalian Steel Corp secures US$4.7 million loan from Bank of China
Yalian Steel Corporation (TSX-V: YL) ("Yalian”) has secured a US$4.7 million loan from the Bank of China to finance a new coating line at its steel plant and provide additional working capital.
The bears an interest rate of LIBOR plus 1.5% per annum, adjusted every six months.
"Obtaining this loan from the Bank of China allows us to fund the new coating line," stated Edward (Bud) M. Siegel, Jr., Chairman and Acting Chief Executive Officer of Yalian. "This loan also improves our cash flow in 2010 as we begin to ramp up our sales and pipe production activities."
"Yalian's JCOE LSAW pipe is compatible with the requirement of infrastructure development in China - a focus of the Chinese government. The cooperation with Yalian fits well into the Bank of China's strategy of providing solid international financial service to its customers by leveraging our global network. We have strong faith in Yalian's future development, and will keep providing more support for its growth," stated Zhu Guangda, Director of Bank of China (Canada).
The Bank of China is the largest state-owned commercial bank in China.
- Bauxite Resources公司收到大量持股通知
- ASF Group的联营公司将Dawson West热煤项目的资源储量提升至6.45亿公吨
- White Cliff Minerals公司于Aucu项目发现新的矿化带
- Bauxite Resources公司非执行董事卸任
- South Boulder Mines公司董事长购买市售股份
- Carbon Energy公司筹资500万澳元以推进天然气项目
- South Boulder Mines公司降低Colluli钾肥项目的运营开支和资本开支