Hello Dr. -------,
There are four separate loans and advances totalling $25M that relate to the construction of the VMC:
1. Ontario Ministry of Economic Development & Trade - $10M – interest-free until September, 2013, repayable over 5 years starting in September, 2014
2. Agriculture & Agri-Food Canada - $5M – interest-free for entire term, repayable over 5 years starting in September, 2014
3. Industry Canada (ITO) - $5M, repayable based on 2.5% royalty on sales of Econiche
4. BDC term loan- $5M –currently being repaid at $20K/month
None of these repayment schedules has anything to do with when the plant becomes production-ready or validated.
We have been working on developing contracts for the production and sale of Econiche (and other products) for some time, and progress is being made. More information will become available as such opportunities are solidified.
Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
P.O. Box 1570, 231 Dundas St. E.
Canada K8N 5J2
Phone: 613-966-8058 ext. 1250