Yalian Steel Obtains US$5 Million Loan
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/09/11 -- Yalian Steel Corporation (TSX VENTURE: YL) ("Yalian" or the "Company") announces that it has obtained a US$5 million (CDN$5.1 million) loan from Beidahuang Agricultural Development Limited, an unrelated company in China.
The loan matures on December 6, 2012, and carries an interest rate of 7%. The loan will be first used to repay the $4,701,734 aggregate principal and interest remaining on the US$4.7 million loan from Bank of China with an original due date of December 25, 2011. The remaining balance will be used to fund working capital requirements of Yalian's head office in Vancouver. The loan is guaranteed by Yangzhou Yalian Steel Pipe Co., Ltd., a wholly-owned subsidiary in China.
About Yalian Steel Corporation
Yalian Steel Corporation is a British Columbia corporation focused on the production of high quality Longitudinally Submerged Arc Welded (LSAW) steel pipe to service Asia's rapidly growing energy transportation infrastructure market. The Company has recently completed construction of its initial manufacturing facility in city of Yangzhou, in the Jiangsu province of China. The first production line has a capacity of up to 200,000 metric tons per year. The Yangzhou Yalian plant utilizes the JCOE (J-ing, C-ing, O-ing, Expanding) process, an advanced method of LSAW pipe production that involves the bending and shaping of X-70 and higher grade steel.
For further Company information please access our website: .
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about Yalian's business are more fully discussed in the Company's disclosure materials filed with the securities regulatory authorities in Canada. All amounts are stated in Canadian dollars unless noted otherwise.
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 press release.
Contacts:
Yalian Steel Corporation
Lan Shangguan
Chief Financial Officer
(604) 696-6388
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Datum: 09.12.2011 - 17:08 Uhr
Sprache: Deutsch
News-ID 1064659
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