Deals - Acquisition, Mergers, Divestitures
Athabasca Receives Payment for Sale of Dover Project Interest
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Athabasca Oil Corporation has announced that it has received payment of $152.6 million from Phoenix Energy Holdings Limited (now Brion Energy Corporation, "Brion"), being the principal and interest payable under the second 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 final promissory note for $134 million is unconditional and secured by an irrevocable, standby letter of credit issued by HSBC Bank Canada and matures on August 29, 2016.
As at August 28, 2015 the Company has cash and cash equivalents of approximately $704 million and funding in place of approximately $1.023 billion, including cash and cash equivalents, undrawn credit…
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