Daybreak Oil and Gas, Inc. says that effective August 21, 2014, the Company negotiated an additional advance of $2,200,000 under its credit facility with Maximilian Resources LLC, a Delaware limited liability company (the "Lender").
Advances made by Lender under the Amended and Restated Loan and Security Agreement dated as of August 28, 2013 (the "Loan Agreement") had already exceeded the Lender's minimum commitment. Furthermore, the Lender agreed to temporarily decrease the required monthly payment made by the Company until a savings of $1,000,000 is realized by the Company.
Additionally, the interest rate applicable to the loan under the credit facility was reduced from 12% per annum to 9% per annum. The Lender also agreed to decrease the default interest rate by 3%.