Ecolomondo Corporation (OTC:ECLMF) Stock In Focus After Latest Development

A large number of companies had come onto the radars of investors after the markets reopened following the festive period, and one of those was Ecolomondo Corporation (OTC:ECLMF). It is a clean technology company focused on the commercialization of its proprietary Thermal Decomposition Process (TDP) recycling technology and the worldwide deployment of its turnkey facilities.

Yesterday, it emerged that Ecolomondo Corporation had inked an agreement related to the restructuring of its original loan agreement that it had in place with Export Development Canada (EDC). The original loan had been for a sum of $32.1 million in the form of project financing from EDC, and the agreement for the loan had been executed on April 3, 2019. The loan was meant to finance the construction of the unique turnkey decomposition facility of the company in the town of Hawkesbury, Ontario. At the facility, the company was going to be involved in the processing of end-of-life tires for the production of re-usable resources.

Following the restructuring of the loan, the new maturity date became May 2029, and the interest rate for the same was capped at 8.5%. The interest and capital payments would start on May 1, 2024. The repayment would be made by Ecolomondo Corporation in the form of instalments on a quarterly basis. The payments would be based on amortization spanning 25 years.

The interest accrued on the loan up until May 1, 2024, would be capitalized on the loan. The company would not need to pay any additional interest if both the accumulated interest and the principle were paid back by the end of the maturity date. The restructuring of the loan would allow Ecolomondo Corporation to complete the final steps related to bringing the TDP plant in Hawkesbury to a fully commercialized operation.