International Wastewater Systems Announces Bridge Loan
– Momentum Public Relations – March 22, 2016
International Wastewater Systems Inc. (“IWS” or the “Company”) (CSE:IWS)(FRANKFURT:IWI) announces that it has entered into an agreement with an arm’s length private lender to loan the Company an aggregate of CDN$400,000 (the “Loan”).
The Loan is secured against the assets of the Company, bears interest at a rate of 2{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} per month and carries a commitment fee equal to 4{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} of the Loan. The Loan matures and becomes payable in 3 months and may be prepaid by the Company at any time prior to the maturity date. In consideration for the Loan, the Company will issue an aggregate of 500,000 share purchase warrants (“Warrants”) exercisable into 500,000 common shares at a price of $0.28 per common share. The Warrants are exercisable for three years and are subject to an acceleration clause in the event that the shares of the Company trade at a price of $0.56 or greater for a period of 20 consecutive days with an average daily trading volume of a minimum 100,000 shares during the same 20-day period.
The proceeds of the Loan provide IWS with additional working capital flexibility. The Company is experiencing rapid growth with current projects at various stages of development in Scotland, Canada the US and Australia.
ON BEHALF OF THE BOARD
Lynn Mueller, Chairman and Chief Executive Officer
About International Wastewater Systems Inc.
International Wastewater Systems Inc. (CSE:IWS)(FRANKFURT:IWI) is a world leader in wastewater heat recovery. IWS systems recycle thermal energy from wastewater, generating the most energy efficient and economical systems for heating, cooling & hot water for commercial, residential and industrial buildings.