XGEN Ventures Inc.

October 01, 2009 08:30 ET

XGEN Provides Update on Directors Financing

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2009) - XGEN Ventures Inc. (the "Company") (NEX BOARD:XGN.H) announces that it has updated its financial arrangements with two of its directors whereby these directors have provided to date, a total of $670,000 of loans to the Company through September 2009.

This capital has been provided by the directors to support the Company's ongoing working capital needs and its capital expenditures. These loans are secured by a second charge on the Company's assets and bear interest at a rate of 12% per annum and a maturity date of June 15, 2010.

Contact Information

  • XGEN Ventures Inc.
    Rod J. MacKenzie
    Managing Director