Yalian Steel Obtained RMB 40 Million Bankers' Acceptance Notes From Industrial Bank Co., Ltd
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/12 -- Yalian Steel Corporation (TSX VENTURE: YL) ("Yalian" or the "Company") announces that it has obtained a short term credit facility for up to RMB 20 million (CAD$3.2 million) from Industrial Bank Co., Ltd of People's Republic of China. This credit facility will be mainly used for issuance of bankers' acceptance notes which are financial instruments commonly used in China for purchase settlements. Up to date, RMB 20 million has been earmarked for obtaining RMB 40 million (CAD $6.4 million) bankers' acceptance notes from Industrial Bank Co., Ltd.
The bankers' acceptance notes have a term of six months maturing in December 2012. An interest rate of 0.05% per day will be charged on the amounts to be advanced by Industrial Bank Co., Ltd when the bankers' acceptance notes mature and are presented to the bank for payments. In connection with the issuance of the bankers' acceptance notes, RMB 20 million (CAD $3.2 million) cash deposits have been placed with Industrial Bank Co., Ltd as collateral.
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 tonnes 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.
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
Helen Lu
Chief Financial Officer
(604) 696-6388
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 21.06.2012 - 22:15 Uhr
Sprache: Deutsch
News-ID 158984
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Packaging & Containers
Diese Pressemitteilung wurde bisher 379 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Yalian Steel Obtained RMB 40 Million Bankers' Acceptance Notes From Industrial Bank Co., Ltd"
steht unter der journalistisch-redaktionellen Verantwortung von
Yalian Steel Corporation (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
