CALGARY,
March 31, 2014 /CNW/ - EmberClear
Corp. (TSXV: EMB) ("EmberClear" or the "Company") is
pleased to announce that it has repaid in full all amounts
outstanding under its bridge loan that was due May 31, 2014 (for a total payment of
approximately $1.5 million) and will
pay the overdue interest on its 12.0% senior convertible unsecured
debentures (the "Debentures") on March 31, 2014 (for a total payment of
approximately $280,000). The payments
are being funded using a portion of the proceeds received on the
formation of the previously announced partnership with Tyr Energy
with respect to the development of EmberClear's Good Spring natural
gas combined cycle power plants.
EmberClear is also pleased to announce that,
with the approval of the holders of the Debentures, it has executed
a supplemental indenture pursuant to which the maturity date of the
Debentures has been extended from June 30,
2014 to June 30, 2015 and the
amount payable on maturity of the Debentures has been increased to
103% of the original principal amount plus accrued and unpaid
interest.
The Company also announces that it has
discovered that a long-time employee in the accounting department
had misappropriated funds from the Company. In response to the
discovery, EmberClear commenced an internal review which is
ongoing. Our initial findings are that over a 14-month period
approximately $700,000 of amounts
expensed in the Company's financial statements consisted of
misappropriated funds. EmberClear has taken steps to strengthen
internal controls to help ensure that a similar incident does not
occur in the future. As part of the internal review and in
consultation with the Company's auditors, the impact on historical
financial statements is being assessed. The employee in question
has been terminated with cause.
About EmberClear
EmberClear is a global energy development
company specializing in low-emission, commercial scale energy
projects. The Company is primarily focussed on natural gas in
the United States as an input to
create electricity, industrial chemicals and transportation fuels.
We utilize our proven expertise in permitting, site-control, and
engineering feasibility to create turnkey projects with contracted
returns suitable for long-term owners and operators of long-life
capital assets. EmberClear's shares are listed on the TSX Venture
Exchange under the trading symbol "EMB".
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE EmberClear Corp.