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Athabasca Receives $302 MM from Brion
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Athabasca Oil Corporation has announced that it has received payment of $302.5 million from Phoenix Energy Holdings Limited (now Brion Energy Corporation, "Brion"), being the principal and interest payable under the first of three promissory notes issued to the Company by Brion.
The payment relates to Athabasca's prior sale of its 40% interest in the Dover oil sands project to Brion, which closed on August 29, 2014. The remaining promissory notes, which are unconditional and secured by irrevocable, standby letters of credit issued by HSBC Bank Canada, mature as follows:
on August 28, 2015 a cash payment of $150 million; and on August 29, 2016 a final cash payment of $134 million.As at March 2, 2015 the Company has cash and cash equivalents of approximately $760 million and funding in…
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