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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 11, 2016) - Kaizen Discovery Inc. (TSX VENTURE:KZD) announced today that it has received C$1.0 million from its majority shareholder, HPX TechCo Inc., as a partial drawdown of a C$5.0 million unsecured, revolving loan facility from HPX.
The C$5.0 million loan facility was established in 2013 as part of the reverse take-over transaction with HPX. On December 22, 2015, Kaizen announced that it had made an initial drawdown on the loan facility of approximately C$0.7 million. A balance of approximately C$3.3 million remains available to be drawn by Kaizen in the future.
"We believe that utilizing the HPX loan facility is a prudent way to keep our operations moving forward while we await finalization of financing agreements for the Pinaya Copper-Gold Project in Peru and the Coppermine Copper Project in Canada," said B. Matthew Hornor, Kaizen's President and CEO.
About Kaizen Discovery
Kaizen is a Canadian mineral exploration and development company. Kaizen has a collaboration agreement with ITOCHU Corporation of Japan and has access to HPX TechCo's proprietary, geophysical, Typhoon technology under a dedicated services agreement. Kaizen's long-term growth strategy is to work with Japanese entities to identify, explore and develop high-quality mineral projects that have the potential to produce and deliver minerals to Japan's industrial sector.
More information on Kaizen is available at www.kaizendiscovery.com.
Neither the 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.