Emirates International Capital Advisory has cancelled its credit agreement with Axial Vector Energy Corp.
Portland-based Axial (Pink Sheets: AXVC), which develops internal combustion engine and generator technologies, said the Dubai, United Arab Emirates-based company cited repeated delays in delivering finished products as promised under its agreement with adaptive propulsion systems as the reason for the cancellation.
Emirates is Axial’s primary lender.
Axial began negotiating over the weekend with perspective new investors who have already agreed to subscribe to a new private placement, via private placement memorandum, to allow continuation and completion of bringing the company’s engines and generators to market. The private placement (via Private Placement Memorandum, PPM) is set at 10 cents per share for a total of $1 million.