TORONTO, June 30, 2021 (GLOBE NEWSWIRE) -- CF Energy Corp. (TSX-V: CFY) (“CF Energy” or the “Company”, together with its subsidiaries, the “Group”), a leading new energy service provider in the People’s Republic of China (the ”PRC” or “China”) is pleased to announce the procurement of RMB40 million new banking facilities by the Group.
The Revolving Working Capital Loan of RMB30 million
One of the wholly-owned subsidiaries of the Company has signed a three (3) -year revolving working capital loan (the “ICBC Loan”) agreement for a total facility of RMB30 million (CAD$5.7 million) with the Industrial and Commercial Bank of China (ICBC), Sanya Branch, Hainan province, the PRC. The ICBC Loan is for the purpose of financing the purchase of the Group’s natural gas and carries an initial interest rate of 3.95% per annum. The interest rate of the ICBC Loan will be adjusted at six-monthly intervals according to changes of the benchmark interest rate (LPR) in the PRC, as applicable. The ICBC Loan is guaranteed by another wholly-owned subsidiary of the Group and is to be repaid by equal instalments of RMB5 million with initial repayment in November 2021 and every six months thereafter until the end of the tenure of the loan.
The working capital loan of RMB10 million
Another wholly-owned subsidiary of the Company has signed a one (1) year working capital loan (the “CEB Loan”) agreement for a total facility of RMB10 million (CAD1.9 million) with the China Everbright Bank (CEB), Sanya Branch, Hainan province, the PRC. The CEB Loan, which carries interest at the fixed rate of 4.5% per annum, is guaranteed by another wholly-owned subsidiary of the Group and personal guarantee of Ann Lin (Chair and CEO of the Company) and repayable at the end of the tenure of the loan.
About CF Energy Corp. (Previously known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently traded on the Toronto Venture Exchange (“TSX-V”) under the stock symbol “CFY”. It is an integrated energy provider and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine leading clean energy technology with natural gas usage to provide sustainable energy to its customer base in the PRC. In 2009, CF Energy was recognized as being one of China’s the Top Ten Most Influential Brands in the Natural Gas Industry and in 2019, ranked amongst the 2019 TSX Venture 50 top performers on the TSXV for the 2018 year.
CONTACT INFORMATION
Corporate Investment Relations
Investor.relations@changfengenergy.cn
Charles Wang
Executive Assistant to CEO & Chair of the Board
zhaoyu.wang@changfengenergy.cn
Frederick Wong
Director of the Board
fred.wong@changfengenergy.cn
Mike Liu
VP Capital Market
mike.liu@changfengenergy.cn
Forward-Looking Statements
Certain statements contained in this news release constitute forward-looking statements and forward-looking information (collectively, “Forward-Looking Statements”). All statements, other than statements of historical fact, included or incorporated by reference in this document are forward-looking statements —including statements regarding activities, events or developments that the Company expects or anticipates may occur in the future. These forward-looking statements can be identified by the use of forward-looking words such as “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “continue”, other similar words and/or the negatives thereof. No assurance is given that the plans, intentions or expectations or assumptions upon which these forward-looking statements are based will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. Though management believes that the expectations outlined in such forward-looking statements are reasonable, there can be no assurance that such expectations will materialize. Such-looking statements are not a guarantee of performance and involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements to deviate materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. These factors include, without limitation, significant and continuing adverse changes in general economic conditions or conditions in the financial markets. Readers are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Corporation’s filings with applicable Canadian securities regulatory authorities, copies of which are available at www.sedar.com. The Company urges readers to carefully consider these factors. The forward-looking statements included in this news release are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking Statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. This news release neither constitutes an offer to sell nor a solicitation of offers to buy any of the securities described herein. Accordingly, undue reliance should not be placed on its contents.
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