September 15, 2011 / 9:43 PM / 7 years ago

Arise Technologies secures C$500,000 bridge loan

(Reuters) - Solar technology company Arise Technologies, which is reviewing its strategic alternatives, said it secured a C$500,000 ($506,354) bridge loan from Radiant Investments Management’s funds to run operations.

In exchange, Arise said it will issue 3.5 million warrants to buy its shares at 5.5 Canadian cents per share. The warrants are exercisable for six years.

Waterloo, Ontario-based Arise, which began the review early in August, said it remains in talks with Commerzbank to extend a standstill agreement.

The company’s shares closed at 4 Canadian cents per share on Thursday on the Toronto Stock Exchange.

Reporting by Abhiram Nandakumar in Bangalore; Editing by Viraj Nair

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