Avcorp secures additional funding as working capital

Avcorp Industries Inc. (TSX: AVP) has closed a USD5.0 million unsecured loan facility bearing an interest rate of 8.0 percent per annum that matures on April 7, 2017, the company said.

The company said in connection with the loan facility, the lender was issued share purchase warrants totaling 30,714,118 warrants to purchase common shares exercisable at a price of USD0.07 per common share for a period of 24 months from issuance.

The Avcorp Group designs and builds airframe structures for aircraft companies, including BAE Systems, Boeing, Bombardier, Fuji Heavy Industries and Lockheed Martin. Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc.