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Mountain China Missed Deadline on its Installment Repayment for Loan With China Construction Bank |
March 12, 2012
BEIJING, CHINA--(Marketwire - March 11, 2012) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"). The Company wishes to advise that on March 2, 2012, the Company's Chinese operating subsidiary, Heilongjiang Yabuli On Snow Asian Game Village Hotel Co., Ltd. ("Yabuli"), missed the second installment principal repayment in the amount of RMB 30 million under Yabuli's RMB 250 million loan agreement (the "Loan Agreement") with the China Construction Bank (the "Bank"). Even though the Company recently completed a private placement for $19,026,000, due to foreign exchange regulations of People's Republic of China, the Company is not able to use the proceeds of this private placement to make the repayment to the Bank within a short period of time. The Company is currently negotiating with the Bank for postponement of this second installment principal payment for 2 years.
http://www.marketwire.com/mw/release.do?id=1630380&sourceType=3
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