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By PBN Staff
PROVIDENCE – Renewable energy company HDS International Corp. has entered into a convertible drawdown facility providing funds and credit, the company announced Tuesday.
HDS International provides carbon capture, biosequestration and algae biomass production technology and solutions.
Under the terms of the financing, HDSI will receive aggregate principal funding of up to $150,000, with $60,000 immediately advanced.
Advances bear simple interest at 6 percent and outstanding balances are due by Dec. 31, 2013.
“Today’s financing announcement strengthens our financial position and balance sheet,” HDS president and CEO Tassos D. Recachinas said in prepared remarks. “We expect to apply the proceeds for general working capital and other corporate purposes as we execute on our strategy of leveraging our technologies to maximize long-term shareholder value.”