May 01, 2007 16:39 ET

Nordex Explosives Announces Operating Line of Credit With the CIBC

MISSISSAUGA, ONTARIO--(CCNMatthews - May 1, 2007) -


NORDEX EXPOSIVES LTD. (TSX VENTURE:NXX) announces that it has entered into a agreement with the Canadian Imperial Bank of Commerce ( "CIBC") for CIBC to provide an operating line of credit (the "Agreement"). Under the terms of the Agreement, the CIBC will provide a revolving line of credit for the lesser of $500,000 or 75% of Nordex Explosives accounts receivable at the end of each month. The interest rate is the CIBC Prime Rate plus 0.50% and interest is payable monthly. The operating line of credit is provided for general business purposes and is secured by the current assets of Nordex Explosives including cash, accounts receivable and inventory.

Under the terms of the Agreement, the balance on the operating line of credit must be reduced to nil on a semi-annual basis in a subsequent year if Nordex Explosives' current ratio is less than 1.20 or their debt to equity ratio is greater than 2.25 at the corporation's year end. Nordex Explosives has met these financial ratios for the year ending 2006.

Forward-Looking Statements

This press release contains forward-looking statements based on current expectations. These forward-looking statements contain various risks and uncertainties which could cause actual results to differ materially from those reflected in the forward-looking statements. Risks and uncertainties about the Company's business are more fully disclosed in the disclosure materials, financial statements and MD& A filed with the securities regulatory authorities in Canada on

ABOUT NORDEX EXPLOSIVES: LES EXPLOSIFS NORDEX LTEE./NORDEX EXPLOSIVES LTD. is a manufacturer and distributor of explosives for the mining, quarry and road construction industries since 1970. Its manufacturing operations and distribution centre is strategically located in one of the world's largest mining regions near Kirkland Lake, Ontario. Nordex trades on the TSX Venture Exchange under the symbol "NXX".

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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