Debt | Capital Markets
Lucas Completes $2.75MM Bridge Loan
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Lucas Energy Inc. has completed a $2.75 million bridge loan with an investor group led by two Lucas Energy Directors to fund its current working capital needs.
The Company has conducted fundraising efforts recently in anticipation of providing capital for the payments required in connection with the legal settlements previously announced. The Company received a number of term sheets of varying amounts and it became evident that the terms and conditions proposed to the Company were based more on the Company's recent history of net losses instead of the future value and operating plans of the Company. As such, the Company decided to accept the more favorable terms of the bridge loan proposed by the investor group led by two of its Directors.
The bridge loan bears interest at 14% per annum…
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