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Shoreline Energy closes acceleration resources loan


Published Nov 5, 2013
Shoreline Energy Corporation

Shoreline Energy Corp. has closed an upsized US$3,000,000 loan facility (the "New Facility") with Acceleration Resources (Acceleration). A portion of the proceeds of the New Facility have been paid to Shoreline's primary lender, Alberta Treasury Branches ("ATB"), in partial prepayment of the Company's existing debt facility. As a result of this payment and of the New Facility, Shoreline is in full compliance with its covenants under the ATB facility.

The New Facility, which was made through Shoreline's wholly owned subsidiary Shoreline Energy Holdings II Inc. ("Shoreline Holdings"), is anticipated to be repaid before January 31, 2014.

In conjunction with the New Facility, Acceleration has been issued warrants to purchase 759,000 common shares of Shoreline at an exercise price of $2.50 per share which expire October 31, 2018.

Tags: Shoreline Energy Corporation




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