CYGAM Energy Inc. has executed a Revolving Promissory Note (RPN) with a major shareholder and a director of the Company.

Under the RPN, the Company has available up to $2.5 million, to be drawn down as required by the Company. The RPN is unsecured, expires on July 1, 2014, and bears interest at a rate of 2.85% above prime. CYGAM intends to use proceeds from the RPN for ongoing capital requirements and general working capital purposes.

The Company also announces that it has terminated the previous Securities Lending Agreement (SLA) with the same major shareholder of the Company.

Tags: Cygam Energy Inc.