Arise Technologies: Bridge Loan
ARISE Technologies Corporation, a leader in high-performance, high-quality, cost-effective solar technology, announced that the Company has closed the second tranche of $200,000 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 $350,000 from the first two tranches of the Bridge Loan.
As stated in the media release of October 18, 2011 , the purpose of the Bridge Loan is to provide working capital bridge financing to Canadian operations of the Company. The Bridge Loan bears interest at a rate of 12.0% per annum.
In addition, Haverstock Master Fund Ltd. has agreed to extend the maturity date of the Haverstock bridge loan to the Company from November 30 to December 15 , 2011. All other terms of the Haverstock bridge loan remain as previously announced October 18, 2011 .
The Company will continue to provide regular updates to its shareholders on the progress of the Company's negotiations in relation to the proposed business combination.
Radiant Investment Management Ltd. (RIML) is an event-driven hedge fund that employs a variety of strategies to generate alpha returns for its investors. RIML made their first investment in Arise Technologies in June 2010 and continues to be supportive of management and their direction. RIML's head office is located in Toronto , Canada and RIML has onshore and offshore funds.
Haverstock is an institutional investor with an investment objective to seek capital appreciation through the general strategy of investing in public securities of U.S. and non-U.S. companies, through direct equity purchases from such companies. The portfolio manager of Haverstock, David Ratzker, has structured more than US$300 million worth of private equity investments in publicly traded corporations in a variety of sectors including energy, cleantech, telecommunications, consumer, and education.
About ARISE Technologies
ARISE Technologies Corporation, based in Waterloo, Ontario, is dedicated to becoming a leader in high-performance, cost-effective solar technology. The company consists of three divisions. The PV (photovoltaic) cell manufacturing division (ARISE Germany ) is located in Bischofswerda, Germany. As previously announced ARISE Germany has entered into a voluntary insolvency process under German law. The PV silicon division is using a proprietary method to produce silicon at 7N+ high-purity (99.99999% purity) for PV cell applications, based on a simplified chemical vapor deposition process. The division is focusing on scaling up its process to provide ARISE with control over its supply, costs, and quality. The PV systems division has been providing rooftop and ground-mounted PV solutions since 1996. ARISE continues to operate its systems business in Ontario under the Ontario FIT (Feed-In Tariff) program.
The company's shares are listed on the Toronto Stock Exchange under the symbol APV and on the Frankfurt Open Market Exchange under the symbol A3T. Additional information is available at www.arisetech.com and www.sedar.com.