Bank of China provides a RMB 12 million loan to UGE International to finance its acquisiton of all the issued and outstanding equity shares of Endura Energy Project Corp.

Project narrative

Circa January 26, 2016, the Bank of China (BOC) entered into a RMB 12 million ($2.5 million CAD) loan agreement with UGE International Ltd. — an Ontario, Canada-incorporated renewable energy provider specializing in solar and microgrid energy solutions listed on the TSX Venture Exchange with headquarters in New York City, New York and Toronto, Canada — to finance its acquisition of all the issued and outstanding equity shares of Endura Energy Project Corp. Endura Energy Project Corp. was an Ontario-incorporated renewable energy company headquartered in Toronto acting as a design-build and consultant firm with medium and large-scale solar photovoltaic projects in Canada, the United States, and Panama. On November 22, 2015, UGE International entered into the acquisition agreement with Endura to acquire all of the latter's issued and outstanding equity shares for $8.3 million CAD in cash and stock. UGE would purchase Endura from a vehicle owned by its founders, Cameron and Alison Steinman, with a $1 million CAD cash payment on closing of the acquisition and the issuance of 8,888,888 common shares of UGE (approximately 32% of the issued and common shares of UGE) to the vehicle owned by the Steinmans. The acquisition was expected to help grow UGE with the addition of Endura's engineering and project implementation experience, and to improve UGE's project delivery capabilities in the United States, the Philippines, and China. The acquisition was expected to close in January 2016. The acquisition was completed on February 22, 2016.