Select Sands Increases Line of Credit to $5M USD
VANCOUVER, British Columbia, March 01, 2018 (GLOBE NEWSWIRE) -- Select Sands Corp. ("Select Sands" or the "Company") (TSXV:SNS) (OTCQX:SLSDF) is pleased to announce that the Company has increased its line of credit (“LOC”) with First Community Bank of Arkansas, USA from $2M USD to $5M USD. The Company plans to draw down on these funds, when necessary for growth and working capital requirements. No draws have been made to date.
Zig Vitols, President and CEO of Select Sands, commented, “With these available funds, we are pleased to move forward with corporate objectives in 2018. This capital also allows us to remain focused on increasing production, bettering efficiencies and delivering high quality sand to our customers.”
Under the LOC, draws will be charged interest at a rate of 1% over the Wall Street Journal Prime Rate as published in the Wall Street Journal. The interest rate is adjusted every three months. Principal and interest are due to be repaid on February 20, 2019 unless renewed by the lender. The LOC is secured against the Company’s accounts receivables.
About Select Sands Corp.
Select Sands Corp. is an industrial Silica Product company developing its 100% owned, 520-acre Northern White, Tier-1, silica sands project located in Arkansas, U.S.A . Select Sands’ goal is to become a key supplier of premium industrial silica sand and frac sand to the North American markets. Select Sands’ Arkansas property has a significant logistical advantage of being significantly closer to oil and gas markets located in Oklahoma, Texas and Louisiana than sources in the Wisconsin / Minnesota region.
For more information about Select Sands Corp., please visit www.selectsandscorp.com or contact:
Zigurds Vitols
President & CEO
Phone: (604) 639-4533
Investor Relations
Arlen Hansen
SNS@kincommunications.com
Phone: (604) 684-6730
FORWARD-LOOKING INFORMATION
Neither 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.
This News Release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. The forward-looking statements in this release relate to the proposed use of funds from the line of credit. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.