ADF Group (DRX.TO) on Thursday said it is signing an agreement with Investissement Quebec (IQ) for a loan of up to C$10 million to foot capital expenditures for its Metabetchouan Project in Quebec.
The company, which fabricates steel superstructures, said the funds will help transform the current plant, build an adjacent extension and acquire equipment. The Metabetchouan Project will be carried out in parallel with the project to modernize ADF's facilities in Terrebonne.
ADF has also secured additional Quebec government loans of up to C$4 million, interest-free, for the Metabetchouan Project, and C$1 million, bearing interest at a fixed rate of 4.1%, for the Terrebonne Project.