UPDATE 1-GLG Life Tech says secures C$42 mln credit facility
* Secures C$42 mln facility from Agricultural Bank of China
* Funds to help build Rebiana refining facility in China
June 25 (Reuters) - Canada's GLG Life Tech Corp (GLG.TO) said it entered into an agreement with the Agricultural Bank of China to secure about C$42 million ($36.33 million) in capital, to be used by all its Chinese subsidiaries as needed.
The company said it intends to use the funds for the ongoing construction of the 1,000 metric ton Rebiana refining facility in China, and to purchase additional stevia leaf from its eight major growing areas in China.
Stevia is a natural, calorie free sugar substitute, derived from the leaves of the stevia plant scientifically known as Stevia Rebaudiana Bertoni. The company's operations include stevia seed breeding, propagation, growth and harvest, extraction, refining and formulation.
The company, which sees revenue of C$50 million to C$60 million for 2009, said in May that its stevia operations are expected to account for 100 percent of revenue growth for the year.
GLG Life shares, which have gained about 22 percent in a month, closed Wednesday at C$2.30 on the Toronto Stock Exchange. ($1=1.156 Canadian Dollar) (Reporting by Krishna Chaithanya in Bangalore; Editing by Jarshad Kakkrakandy)
