Canadian News
Rutter Signs Agreement In Principle To Sell Its Brookfield Road Building In St. John's For C$1.8 Mln. - Quick Facts
11/27/2009 2:47 PM ET
(RTTNews) -
Friday, Rutter Inc. (RUT.TO: News ) signed an agreement in principle to sell its Brookfield Road building in St. John's for C$1.8 million and enter into a seven year lease back with an average yearly commitment of C$192,000. The proceeds from the sale will be used to pay off the existing mortgage of C$585,000 and C$1 million to reduce a term loan at 12% without penalty, and the balance, after transaction fees, will be used as working capital. The agreement is expected to close in early January 2010.
Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador.
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by RTT Staff Writer
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