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Shoreline Energy Corp. has received a 60 day extension from its lender ATB Financial to comply with certain working capital covenants under the terms of its loan facility.
Shoreline requested the extension in order to have adequate time to put in place a credit facility secured against its US assets which are not included in the Company's current borrowing base, and which have a proved plus probable reserve value of over $63MM.
Shoreline is currently in discussions with senior lenders with respect to increased lending values on its Canadian assets and an initial lending value on its US assets. These lending facility indications are deemed sufficient for the Company to meet its short term and long term obligations and comply with existing working capital covenants.
Since Shoreline's March 31, 2013 breach of its working capital covenant, the Company has improved its working capital deficit by approximately $4.5 million partially as a result of (i) a sale of a non core asset for gross proceeds of $955,000; and (ii) proceeds from the sale of flow through shares for gross proceeds of $3,000,000.
Upon selecting a US lender for its world class Colorado assets, Shoreline intends to publish details of its 2013 capital expenditure program and 2013 production guidance.
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