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Edge Resources doubles credit facilities and lowers financing cost


Published Jul 25, 2014
Edge Resources Inc.

Edge Resources Inc. has agreed a new revolving demand loan facility of up to $17 million (the "Facility") with ATB Corporate Financial Services (ATB). This Facility more than doubles the Company's existing credit facilities, and replaces its previous $8 million facility with National Bank of Canada, which was originally entered into on February 28, 2012 (National Bank Facility).

The Facility will carry an interest rate of the Canadian prime rate (Prime Rate) plus 1.75% per annum. This is significantly lower than the existing National Bank Facility which carried an interest rate of Prime Rate plus 3% per annum. The New Revolving Facility is secured against the assets of the Company and is a borrowing base facility that is determined upon an independent engineering report from an engineering firm acceptable to ATB on all material hydrocarbon interests, including royalty interests, of the Company.

Tags: Edge Resources




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