Channel Ridge Estate Holdings Ltd.

Channel Ridge Estate Holdings Ltd.

April 05, 2007 11:31 ET

Channel Ridge Announces Extension Of Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 5, 2007) - Channel Ridge Properties Limited. ("Channel Ridge"), a wholly-owned subsidiary of Channel Ridge Estate Holdings Inc., is pleased to announce that HSBC Bank Canada has granted a further extension of its financing, previously announced on March 31, 2005 and February 8, 2006. On July 24, 2006, HSBC Bank Canada granted a further extension and increase of $3,750,000 of the financing. The term of Land Loan A and Land Loan B were extended from March 31, 2006 to October 31, 2006, under the same terms and conditions. The fees for that extension totalled $15,500. Land Loan B was increased from $6,200,000 to $9,950,000. The fees for that increase to Land Loan B totalled $46,875. Land Loan A is guaranteed by HSBC Capital (Canada) Inc. and the guarantee was also extended to October 31, 2006.

Effective as of March 29, 2007, the term of Land Loan A and Land Loan B have each been extended from October 31, 2006 to August 31, 2007, under the same terms and conditions. The fees for this extension total $25,000. The guarantee of Land Loan A by HSBC Capital (Canada) Inc. has also been extended to August 31, 2007.

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