Welichem Established Loan Facility with Major ShareholderVANCOUVER, November 30 /CNW/ - Welichem Biotech Inc. (the "Company") (TSX-V: WBI), announced today that the Company has established a loan facility with Canadian Maple Leaf Investment Ltd. (CMLI), a major shareholder of the Company, that commits to provide funding up to $1,000,000 to the Company over the next six months on an “as and required” basis. The Company will pay CMIL interest at a rate of Canadian prime rate plus 2% per annum, calculated daily based on the daily closing balance and to be paid at maturity. The loan facility can be extended to longer term at mutual agreement. The Company is planning to use the loan to complete its Phase I Clinical Trials for WBI-1001, its lead drug compound to treat psoriasis, and pre-clinical studies for its novel anti-cancer drug compound (WBI-2100) and to fund its operations. The Company is actively seeking financing opportunities to fund Phase II Clinical Trials for WBI-1001 and Phase I Clinical Trials for WBI-2100, and to develop other drug compounds in its pipeline. About Welichem Biotech Inc. Welichem Biotech Inc. is a publicly-traded biotechnology company developing therapeutic drugs in the fields of autoimmune diseases and cancer. About Canadian Maple Leaf Investment Ltd. Canadian Maple Leaf Investment Ltd. (CMIL) is a private B.C. company and invests in a wide range of projects and companies. CMIL currently owns 44% of the Company’s shares with a long-term investment objective. ON BEHALF OF THE BOARD The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. This press release contains forward-looking statements that include our belief as to the potential of our products. Certain risks and uncertainties such as our ability to successfully commercialize the products could cause the Company's actual results to differ materially from those in the forward-looking statements. The Company thus seeks safe harbour For further information York Yingping Guo, President and Chief Executive Officer, Tel.: (604) 432-1703, Email: yorkguo@welichem.com Yan Chen, Business Development Manager, Tel.: (604) 432-1703, Email: investors@welichem.com -------------------------------------------------------------------------------- Source: Welichem Biotech Inc. |