American Petro-Hunter, Inc. has entered into a three-year credit facility with ASYM Energy Partners LLC and its affiliates (ASYM), a private investment firm focused on the energy industry.
The credit facility, in the amount of $10 million, is secured by all of the Company's assets. Proceeds from the loan will be utilized to fund the development drilling of oil properties located in central Oklahoma as well as acquisitions, repayment of certain accounts payable, and working capital.
As part of the transaction, ASYM will advise the Company in the areas of operational, technical, engineering and financial matters. In addition, a total of approximately $2.7 million of liabilities were either forgiven or exchanged for common stock in the Company.