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Hawk Exploration Ltd. has announced that following the annual review by the Corporation's lender, the credit facility has been amended to $11 million, down from the previous credit facility of $13.5 million.
This reduction is primarily a result of reduced commodity prices. The amended credit facility of $11 million now consists of a $7 million revolving demand facility and a $4 million term facility. The $4 million term facility requires principal repayments of $2 million by December 31, 2015 and $2 million by May 31, 2016. Principal repayments under the term facility are expected to be funded by way of cash flow from operations, however additional sources of financing may be required.
Additional sources of financing may include proceeds from asset dispositions, proceeds from the issuance of equity or an increase in the revolving credit facility although there are no assurances the additional sources of financing will be available to the Corporation. As of July 15, 2015, Hawk has $9.9 million drawn on its existing credit facility.
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