CALGARY, ALBERTA--(Marketwire - Nov. 14, 2012) - West Mountain Capital Corp. ("the Company") (TSX VENTURE:WMT) today announces that it has closed its previously announced bridge financing with HSBC Bank Canada ("HSBC") for $3.5 million. The proceeds from this financing will be used for the build-out of the Company's recently announced contracts and joint venture operations in China.
HSBC provided the credit as four separate facilities; firstly, a $500,000 demand revolving loan to assist in the Company's day-to-day operations in Canada; secondly, a $1.0 million demand revolving line to purchase foreign forward exchange contracts to hedge against exchange fluctuations in connection with export sales; thirdly, a $500,000 demand revolving loan to assist with the Company's day-to-day operations in China; and a capital loan of $1.5 million to finance the acquisition of capital assets, equipment and miscellaneous expenses related to the operations in China.
Security for the debt facilities was provided in the form of a first charge on the TPS Facility in Wolseley, Saskatchewan owned by Phase Separation Solutions Inc., the Company's wholly owned subsidiary. In addition, the $500,000 demand revolving loan and the $1.5 million capital loan have been guaranteed by Export Development Canada.
For further information please refer to the Company's news releases dated October 10, 2012 and October 12, 2012 and filed on SEDAR at www.sedar.com.
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements with respect to a new debt credit facility. The forward-looking statements and information are based on certain key expectations and assumptions made by West Mountain, including expectations and assumptions concerning the plan to be awarded contracts to treat waste material. Although West Mountain believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because West Mountain can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the treatment of pesticide contaminated soil, oily sludge and hazardous industrial sludge in general, attempting to secure work, the uncertainty of estimates and projections relating to the value of the contract, health, safety and environmental risks, transportation costs, environmental risks, failure to realize the anticipated benefits of the contract, failure to obtain required regulatory and other approvals, and changes in legislation, including but not limited to environmental regulations, and risks associated with doing business in China. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and West Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.