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Gulf Resources, Inc. Receives Citibank Loan
Published Nov 07th, 2007
Proceeds to fund Recent Bromine Asset Purchase
SHENZHEN, China, Nov. 7 /Xinhua-PRNewswire-FirstCall/ -- Gulf Resources, Inc. (the "Company") (OTC Bulletin Board: GUFR - News) a leading producer of Bromine in China, today announced the company received a $3.66 million loan from Citibank's Shanghai branch, which bears an interest rate of approximately 6.2% annually.
The company intends to use this loan for the recently announced bromine asset purchase. The loan was secured through Shenzhen Hua Yin Guaranty and Investment Limited Liability Corporation, with common shares from the CEO, Mr. Yang, utilized as collateral.