Scandoil  

Cub Energy extends line of credit with Pelicourt Limited


Published Oct 3, 2013
CUB Energy Inc.

Cub Energy Inc. has extended and increased its line of credit ("LOC") with Pelicourt Limited (Pelicourt) for up to USD $5,000,000 to be applied to the funding of the ongoing development of Cub's assets in Ukraine and Turkey. Cub currently has no outstanding balance on the LOC.

Formalisation of the LOC between Cub and Pelicourt is subject to the entering into of customary agreements, including a loan agreement and a promissory note, which are at the time of this release under preparation.

The LOC may be drawn down as required in tranches not less than USD $500,000. The Company will pay Pelicourt interest on the principal sum at an annual rate of 9% calculated and payable semi-annually. Repayment of the principal sum and accrued interest is to be made to Pelicourt on 30 September 2016 but may be pre-paid in whole or part at any time without penalty. Drawdowns on the LOC will be subject to a customary set of conditions precedent. The Company has not granted any security for the LOC and the LOC is non-convertible.

Tags: CUB Energy Inc.




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml