Avcorp announces banking facility expanded to over $25 million.VANCOUVER, British Columbia--(BUSINESS WIRE)--June 3, 1997-- AVCORP IND. (ME,TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AVP AVP arginine vasopressin. .) Avcorp Industries Inc. announced today the signing of an increased banking agreement for over $25 million with the Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. . The renewal agreement includes an increase in the operating loan facility to $9 million, in the term loan facility to $6 million, and provides an interim construction loan of $10 million with a long term mortgage option. This agreement also includes substantial decreases in the applicable interest rates. Mr. C.E. Butterfield, Chief Financial Officer and Corporate Secretary, said: "This is an excellent agreement for the Company that, together with our current cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. of over $11 million, will allow us to continue our aggressive growth through the funding of new contracts and facilities, and acquisitions." Avcorp Industries Inc. is a Canadian aerospace industry manufacturer. The Company is a single-source supplier for design, fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and assembly of metal, composite and plastic components and is made up of four divisions: Aerostructures, Composites, Metal Products and Engineering. CONTACT: Avcorp Industries Inc. Mr. C.E. (Ted) Butterfield, 604/278-4204 604/278-8346 (FAX) |
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