Unisphere Waste Conversion Ltd. announced that it has an agreement with Quest Capital Corp. for the provision of a secured bridge loan that will be used to finance the completion of the EnviroTire acquisition and $6 million for the completion of the Chatham property acquisition. The Chatham property acquisition portion of the loan is subject to the satisfaction of certain conditions precedent.
The company will also be closing as part of its Phase I acquisitions the rights from Entireco to negotiate the acquisition of scrap tires located at two sites in the Quebec.
Upon completion of the Entireco transaction, the Phase II letters of intent will become legally binding for a short period of time on the Vendor.
Enviro Tire Technologies Ltd. operates a facility in Brampton, Ont., which transforms scrap tires into crumb rubber.
Glidepath Manufacturing Industries Inc. uses crumb rubber as a raw material in the manufacturing of rubber products.
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