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TORONTO, June 30, 2021 (GLOBE NEWSWIRE) – CF Energy Corp. (TSX-V: CFY) (“CF Energy†or the “Companyâ€, together with its subsidiaries, the “Groupâ€), a leading new energy service provider in the People’s Republic of China (the “PRC†or “China†) is pleased to announce the acquisition of RMB 40 million of new banking facilities by the Group.
RMB 30 million revolving working capital loan
One of the Company’s wholly owned subsidiaries has signed a three (3) year revolving working capital loan agreement (the “ICBC Loanâ€) for a total facility of RMB 30 million (RMB 5.7 million). Canadian dollars) with Industrial and Commercial Bank of China (ICBC), Sanya branch, Hainan province, PRC. The ICBC Loan is intended to finance the purchase of natural gas from the Group and bears an initial interest rate of 3.95% per annum. The interest rate on the ICBC loan will be adjusted every six months based on changes in the Reference Interest Rate (LPR) in RPC, if any. The ICBC loan is guaranteed by another wholly-owned subsidiary of the Group and is to be repaid in equal installments of RMB 5 million with an initial repayment in November 2021 and every six months thereafter until the end of the term of the loan. ready.
RMB 10 million working capital loan
Another wholly owned subsidiary of the Company has signed a one (1) year working capital loan agreement (the “CEB Loanâ€) for a total facility of 10 million RMB (1.9 million CAD). with China Everbright Bank (CEB), Sanya Branche, Hainan Province, PRC. The CEB loan, which bears interest at a fixed rate of 4.5% per year, is guaranteed by another wholly-owned subsidiary of the Group and personal guarantee of Ann Lin (Chairman and CEO of the Company) and repayable at the end of loan mandate.
About CF Energy Corp. (formerly known as: Changfeng Energy Inc.)
CF Energy Corp. is a Canadian public company currently listed on the Toronto Venture Stock Exchange (“TSX-V”) under the ticker symbol “CFY”. It is an integrated energy supplier and natural gas distribution company (or natural gas utility) in the PRC. CF Energy strives to combine cutting edge clean energy technology with the use of natural gas to provide sustainable energy to its customers in the PRC. In 2009, CF Energy was recognized as one of China’s ten most influential brands in the natural gas industry, and in 2019 it was ranked among the top 50 TSX Venture 2019 performances on the TSXV for the year 2018.
CONTACT INFORMATION
Corporate investment relations
Investor.relations@changfengenergy.cn
Charles Wang
Executive Assistant to the CEO and Chair of the Board of Directors
zhaoyu.wang@changfengenergy.cn
Frédéric wong
Director of the Board
fred.wong@changfengenergy.cn
Mike liu
VP Capital Markets
mike.liu@changfengenergy.cn
Forward-looking statements
Certain statements contained in this press 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 at 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 â€, other similar words and / or their negatives. 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 press release should not be unduly relied upon. Although management believes that the expectations described in these forward-looking statements are reasonable, there can be no assurance that such expectations will be achieved. Such forward-looking statements do not constitute a guarantee of performance and involve risks, uncertainties, assumptions and other known and unknown factors which may cause actual results, performances or achievements to differ materially from results, performances. or anticipated accomplishments or developments expressed or implied. by such forward-looking statements. These factors include, but are not limited to, material and continuing adverse changes in general economic or financial market conditions. Readers are cautioned that all forward-looking statements involve risks and uncertainties, including the risks and uncertainties detailed in documents filed by the Company 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 press 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 press release does not constitute an offer to sell or a solicitation of offers to buy the securities described herein. Therefore, one should not place undue reliance on its content.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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