ARISE Closes $250,000 of the Third Tranche of up to $1,500,000 Bridge Loan and Announces Appointment of Chief Restructuring Officer
WATERLOO, ON, Dec. 2, 2011 /CNW/ - ARISE Technologies Corporation (TSX: APV.TO - News), ("ARISE" or "the Company"), a leader in high-performance, high-quality, cost-effective solar technology, today announced that it has closed $250,000 of the third tranche of up to $1,500,000 of the previously announced bridge loan ("Bridge Loan") from Radiant Offshore Fund Ltd ("Radiant"). The funds have now been advanced to ARISE. In total ARISE has received $600,000 from the first three tranches of the Bridge Loan.
The proceeds of the loan will be used to provide the necessary interim financing while the Company works with its secured creditors to develop a detailed plan regarding finalizing a potential business combination agreement.
In addition, the Company today announced the appointment of Jack Pinder, an executive consultant, who will act as the Chief Restructuring Officer ("CRO") as discussions proceed regarding establishing the potential business combination agreement.
The Company's securities are subject to a temporary cease trade order issued by the Ontario Securities Commission in connection with the Company's failure to file its third quarter financial statements. The Company continues to work towards completing and filing its third quarter financial statements.
ARISE will continue to provide updates regarding the proposed business combination and other material issues related to the Company.