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Petroshale Funding Future Land Buys
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PetroShale Inc. has announced the closing of a new, senior secured revolving credit facility with an initial borrowing base capacity of US$10.0 million.
The Senior Facility replaces the Company's senior loan from a U.S. financial institution which had a borrowing base of US$3.0 million.
The Senior Facility is a revolving demand loan provided by a Canadian chartered bank, with an initial term to July 23, 2015, at which point it will either be extended for an additional term, or converted to a term facility at the lender's option. As at September 24, 2014, the Senior Facility is drawn a total of US$2.9 million.
The Company's existing U.S.$30.0 million subordinated revolving credit facility will remain in place, and will be amended to reflect a grant of security interest in all of the…
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