PRADEEP METALS LTD. - Intimation of Sanction Letter received from Union Bank of India, Hong Kong Branch wrt ECB of USD 2.00 mn to Pradeep Metals Ltd, USA, 100% Subsidiary of the Company

Pradeep Metals Ltd has informed BSE that Union Bank of India, Hong Kong Branch vide sanction letter dated February 14, 2015 received on February 16, 2015 at 4:30 P.M. (IST), has sanctioned ECB of USD 2.00 mn to Pradeep Metals Ltd, USA, 100% Subsidiary of the Company, for partly financing its cost of acquisition of 51% stake in a CNC Machine Shop at Houston, USA.