Published on September 5, 2009 at 2:12 AM
Granville Pacific Capital Corporation ("Granville") (TSX Venture: GE) announces that the Company has entered into an arrangement to borrow up to $500,000 from H&H Total Care Services, a company controlled by a director and shareholder (Hendrik Van Ryk Sr) of the Company.
The Company has agreed to borrow up to $500,000 unsecured loan bearing interest at 14% per annum due September 30, 2010 from H&H Total Care Services to assist with working capital needs.
Hendrik Van Ryk Jr, CEO comments, "This transaction is necessary for the future of the Company and to position the Company to ensure strong operations and cash flows into the future."
This transaction is subject to the approval of the TSX Venture Exchange.
Granville is involved in the business of the acquisition and operation of senior citizens' lodging and care facilities and mental health facilities.
Source: GRANVILLE PACIFIC CAPITAL CORP.
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Tags: Mental Health