USA: Chai-Na-Ta receives unsecured revolving credit of CDN $5 million from major investor
Chai-Na-Ta Corp.(OTCBB:CCCFF; TSE:CC.; "the Company") is pleased to announce that the Board of Directors of Company has approved a revolving credit agreement with a subsidiary of the Company's major investor, Road King Infrastructure Limited. The fund will improve the operating working capital of the Company during harvest. The Company has received the first advance under the credit agreement. The advance was obtained prior to the expiration of 21 days following the issue of this news release as the funds are needed by the Company for the 2000 harvest season, which has begun. The CDN $5 million unsecured revolving credit bearing interest at Canadian Imperial Bank of Commerce prime rate plus 2.5% per annum is provided to the Company for a term of three months extendable for another three months upon maturity with an extension fee equal to 1% of the commitment amount. This enhances the Company's ability to meet working capital requirements during harvest. Chai-Na-Ta Corp., based in Langley, British Columbia, is the world's largest supplier of North American ginseng. The Company farms, processes and distributes North American ginseng as bulk root, as well as processed extract powder for the manufacture of value-added ginseng-based products. This news release contains forward-looking statements that reflect the Company's expectations regarding future events. These forward-looking statements involve risks and uncertainties, and actual events could differ materially from those projected. Such risks and uncertainties include, but are not limited to, the success of the Company's ongoing research programs, general business conditions, and other risks as outlined in the Company's periodic filings, Annual Report, and Form 20-F.
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