Kaizen Discovery draws C$1.3 million on loan facilityVANCOUVER, CANADA – Kaizen Discovery Inc. (TSXV: KZD) announced today that it has received approximately C$1.3 million from its majority shareholder, HPX TechCo Inc. (HPX), as a drawdown of a loan facility from HPX. Kaizen now has received the full C$5.0 million principal amount available under the loan facility.
with majority shareholder HPX TechCo
Including the drawdown announced today, Kaizen's consolidated cash balance is now approximately C$3.8 million. Kaizen plans to use its increased cash position to fund anticipated expenditures during the remainder of 2016.
The C$5.0 million unsecured, revolving loan facility was established in 2013 as part of the reverse take-over transaction with HPX. Details of the loan facility are summarized in Kaizen's December 22, 2015 news release available at www.kaizendiscovery.com or www.sedar.com.
About Kaizen Discovery
Kaizen is a Canadian mineral exploration and development company with a portfolio of exploration projects in Canada and Peru. Kaizen's long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com.
Interim Chief Executive Officer
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.
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in both Kaizen's periodic filings with Canadian securities regulators. When used in this news release, words such as "believe", "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "should," and similar expressions, are forward-looking statements. Information provided in this document is necessarily summarized and may not contain all available material information.
Although Kaizen has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and Kaizen disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Kaizen does not assume any liability for disclosure relating to any other company herein.
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