04:23 PM EST, 11/18/2024 (MT Newswires) -- Omni-Lite Industries Canada ( OLNCF ) Monday reported that California Nanotechnologies ( CANOF ) fully paid off its outstanding debt owed to the company of about US$600,000, including principal and interest related to the loan and promissory note previously advanced to Cal Nano.

The debt repayment will increase the company's cash position and a corresponding reduction in the carrying value of the outstanding debt receivable, along with a one-time gain of approximately US$200,000.

The company has realized cash proceeds from the recent sale of approximately 230,000 shares of Cal Nano shares, which will result in an additional increase in cash in the fourth quarter.

"Having Cal Nano retire this loan obligation in advance of agreed payment terms is welcomed as well as we build out our capital resources to deploy to our own growth initiatives," chief executive David Robbins said.

The company's shares closed down $0.02 to $1.29 on the TSX Venture Exchange.